20210706 Trade Review GOLD

07 Jul 20210706 Trade Review GOLD

Play: Mean Rever­sion Sus­tained Auction

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #GOLD #XAUUSD

Mar­ket Narrative

0.94xASR Above Val­ue, Out­side Range. Mixed Trend. 

How was the Entry?

Sell Stop Order at the break of IB. I was con­sid­er­ing going in on the M15 Doji with longer sell­ing wick expect­ing a mean rever­sion but this could have been a pos­si­ble base as well so wait­ed for a break of IB. This was okay. 

How was the SL place­ment and sizing?

SL was too wide. I had over­ly round­ed up the stan­dard SL adding the spread which would have net­ted about 34–36 pips to 40 pips. I’ll tight­en this up going forth. Although I could just add it to all my shorts and longs to be on the safe side to keep things easy. 

How was the prof­it target?

1.5–2R at LTF demand, more at val­ue edge. 

How was the Exit?

Price had reached 0.5R and halt­ed around M15 VWAP in UT. I decid­ed to wait for a tran­si­tion to M30 clos­ing bull­ish with­in IB fail­ing the auc­tion. And this was my exit at ‑0.4R. 

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?

-1R

What did I do well?

I did well to take the trade and let the trade play out and based on OODA loops and a con­fir­ma­tion of an exit I took the exit. 

What could I have done better?

Well, I think I did well… I was con­sid­er­ing to take the 0.5R when I saw price not reach­ing far below M15 VWAP but this could have had legs to go fur­ther and decid­ed it would be grasshop­per­ing out of the trade if I had tak­en that 0.5R. 

Obser­va­tions

When there is no push with­in the first 2 hours for the mean rever­sion there could be a failed auc­tion to push price higher. 

Missed Oppor­tu­ni­ty

I could have act­ed on the failed auc­tion but since the pri­or day was a hol­i­day this could have been a slow­er auc­tion so I let the oppor­tu­ni­ty go. 

TAGS: Above Val­ue, Out­side Range, Large Imbal­ance, Mixed Trend, 

Pre­mar­ket prep on the day

20210706 Pre­mar­ket Prep Gold

Dai­ly Report Card on the day

How did I trade today? 20210706

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