Play: Failed Auction
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Market Narrative
There was a retest of newly formed D1 Bull Engulf C‑line. Trend is up 2/3. Open sentiment was on large imbalance 0.51xASR above value, outside range. Price was coming off from a H4 QLo rejection and is trading mid-swing.
What hypo was it?
Hypo 1
Mean Reversion, possible weakness from within IBR
I initially figured a Failed Auction could be included although due to the open sentiment I refrained from including it.
How was the Entry?
After the M15 Bear Engulf I waited for a pullback to newly formed M15 supply. When the next M15 bar closed as a possible Base as well I went short. This was good.
How was the SL placement and sizing?
Tighter SL at 15 pips above the formation and IB High.
How was the profit target?
2.9R at IB low.
How was the Exit?
Exit was time-based (kinda). 0.7R.
What would a price action-based exit have done for the trade?
2R would’ve been hit. Otherwise 1.3R.
What would a time-based exit have done for the trade?
0.7R, 0.7R in overlap noise. 2R hit in K TPO.
What did I do well?
I did well to change my bias and go against the initial trade quite quickly.
What could I have done better?
I could have stayed with the trade longer into overlap noise. I had to make dinner so I would not have been able to monitor the trade. Considering if this is something I might need to do.
Observations
N.A.
Missed Opportunity
N.A.
TAGS: Above Value, Outside Range, Large Imbalance,
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Daily Report Card on the day