Play: Sustained Auction
#fintwit #orderflow #daytrading #tradingreview #priceaction #chartreview #GBPNZD
Market Narrative
D1 Broke lower from consolidation and took out D1 demand before pulling back and testing D1 supply. 1.07xASR Above Value, Outside Range, Large imbalance.
How was the Entry?
FF traded slightly higher. IB traded down. C TPO closed down as well. Expecting an extension to the downside I went in short. This was good. Although going short right into a M30 Bull Engulf that was formed premarket was not the best due to adding more time to the trade.
How was the SL placement and sizing?
Standard SL sizing with stop placed above the formation. Was good.
How was the profit target?
Value Edge was way out of the way and would have been 4R+. LTF demand was a nice 2R.
How was the Exit?
Not the greatest. Although in my defence there was a M30 Demand formed through a Bull Engulf as well as M30 VWAP in UT. When M30 failed to close within M30 demand I decided to take the trade off for 0.3R.
I saw a M5 consolidation on top of the M30 demand and decided to take it off.
I could have waited for a break off consolidation to then take it off.
What would a price action-based exit have done for the trade?
0.4R
What would a time-based exit have done for the trade?
-0.5R
What did I do well?
I did well to take the trade even though I don’t like taking momentum trades on the day before Non-Farm Payrolls. Usually there is a lack of push behind the move.
What could I have done better?
I could have waited for a break from M5 before taking the trade off.
Observations
Even though there was a large imbalance at the open there was no push towards value edge whatsoever. This is something I will continue to track as lack of momentum on the day before a non-farm payroll.
Missed Opportunity
N.A.
TAGS: Above Value, Outside Range, Large Imbalance, Mixed Trend,
Premarket prep on the day