20211112 Trade Review Gold

Play: Sus­tained Auction

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

• Result
  • 2R
• Prod­uct
  • Gold
• Open Sen­ti­ment
  • 0.11xASR Below Val­ue, With­in Range
• IBR
  • 0.37xASR
• Hypo
  • 3
  • Sus­tained Auc­tion Short
• Attempt­ed Setup
  • Sus­tained Auction
• Entry Tech­nique
  • Pull­back to IB edge to join the sus­tained auction
• SL place­ment
  • Tighter SL well above entry can­dle 30 pips
• TPO peri­od for Entry
  • C TPO
• Trade Dura­tion
  • 1h22m
• Long/Short
  • Short
• Lead­ing Narrative
  • Arrival at W1/D1 QHi
  • Open below val­ue, with­in range, sentiment
  • Fri­day profit-taking

Actu­al Development

C TPO closed below IB but with longer buy­ing wick. D TPO closed as a Bull­ish Inside Bar with a short sell­ing wick tech­ni­cal­ly fail­ing the auc­tion. How­ev­er, due to the D1/W1 and Fri­day prof­it-tak­ing nar­ra­tive it proved be a base as E TPO closed as anoth­er drop. Con­tin­ued in F TPO before reversing. 

Good points

• Going against the strong uptrend due to open sen­ti­ment and time of day/week
• I didn’t enter on break of IB but wait­ed for a re-test of IB edge (approx­i­mate­ly) before enter­ing. I have this ten­den­cy to let a trade go when I think there was a bet­ter entry (in hind­sight I was wrong about this ear­ly entry dur­ing IB). What was good that I still took the trade afterwards.

Bad Points

• Not tak­ing the Auc­tion Fade trade after­wards with sup­port­ing H4 demand due to only 1+R prof­it tar­get. I know I should just focus on 2R trades but as I was stalk­ing the trade I thought I could’ve pulled the trig­ger on it. The trade would’ve hit 2R but that is not the sta­tis­ti­cal­ly viable tar­get for an Auc­tion Fade. In hind­sight I am think­ing that this wasn’t an Auc­tion Fade set­up rather a rever­sal at demand lev­el and using the auc­tion fade with­in OODA loops to mon­i­tor the trade. 

Next Day Analysis

• Tar­get hit?
  • Yes, 2R
• Time-based Exit?
  • 1.1R
• Over­lap Noise?
  • -0.3R
• End of Day?
  • -1R
• High­est R multiple?
  • 2.8R

TAGS: Below Val­ue, With­in Range, Mod­er­ate Imbal­ance, Trend is UP 3/3, 

Pre­mar­ket prep on the day: ‌

20211112 Pre­mar­ket Prep Gold

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