Play: Value Acceptance
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Market Narrative
The prev. Day had exceeded ADR. Trend is up 2/3. Price opened 0.07xASR below value, within range. Price accepted value during IB and extended in C. There was a H4 Supply within value and due to the D1 being exceeded ADR the previous day.
What hypo was it?
Hypo 1
Value Acceptance
Hypo 3
Failed Auction Short
Failed Auction came first then the continuation to the value acceptance.
How was the Entry?
T1 Entry was bad as the location was bad.
T2 was a better entry but got stopped out as well
How was the SL placement and sizing?
Standard sized SL on both the trades.
How was the profit target?
Not good on the first. Good on the 2nd.
T1
T2
How was the Exit?
Both Stops got hit and I was down ‑2R on the day.
What would a price action-based exit have done for the trade?
-1R, ‑1R
What would a time-based exit have done for the trade?
same
What did I do well?
I didn’t do well on the first trade as I felt pushed to get into the trade by my mentor. This was my mistake. I should not have felt pushed and gathered my thoughts before taking the trade.
The 2nd trade was a good trade but still got stopped out.
What could I have done better?
I could have not let my mentor get to me. Words are just words. I shouldn’t let them affect me. I have found a way around this and will act accordingly from now on.
Observations
N.A.
Missed Opportunity
The Failed Auction play as outlined in my hypo 3. This was definitely an opportunity worth taking.
TAGS: Moderate imbalance, Trend is UP 2/3, Below Value, Within Range, Prev. Day Exceeded ADR,
Premarket prep on the day
Daily Report Card on the day