20210830 Trade Review DAX T1

31 Aug 20210830 Trade Review DAX T1

Play: Sus­tained Auction

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #price­ac­tion #chartre­view #DAX #DE30 #DE30Cash

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 3

Sus­tained Auc­tion Up

I did not think this as too prob­a­ble on the day hence I put it as Hypo 3. But when C TPo closed above IB as well as Asia and yesterday’s high as a Marubozu can­dle I thought to give it a try. 

How was the Entry?

Entry was on the close of C TPO. In hind­sight I should’ve known that there would be some reac­tion to get in lat­er. Although due to the Marubozu can­dle and exten­sion in C TPO I thought there could poten­tial­ly be momen­tum behind the move. 

Anoth­er thing I am con­sid­er­ing is that I could have got­ten a bet­ter entry due to a strength from with­in IBR play using the M15 Bull Engulf as a poten­tial entry. . 

How was the SL place­ment and sizing?

Stan­dard SL siz­ing due to the momen­tum nature of the trade. If I had that ear­ly entry on the strength from with­in IBR there could have been a tighter SL placement. 

How was the prof­it target?

ADR exhaus­tion is not far above if hit there could be a con­tin­u­a­tion to the move and 2R wasn’t far off. 

How was the Exit?

D and E had made a HH although E failed to close above IB and instead Failed the Auc­tion. Which I took as my exit for ‑0.3R. I kind of regret­ted it after get­ting out due to the HH being made. But with price trad­ing with­in D1 Sup­ply and not mak­ing a mean­ing­ful move I thought it was still the right deci­sion. I then reversed my posi­tion to short which I will detail in the next post. 

What would a price action-based exit have done for the trade?

-0.3R

What would a time-based exit have done for the trade?

-0.6R, ‑0.7R in over­lap noise

What did I do well?

I did well to act on a pos­si­ble oppor­tu­ni­ty. Alas, it didn’t pan out which is okay. 

What could I have done better?

At the time I thought I should’ve stuck with the trade a lit­tle longer due to pro­file hav­ing made HHs. Then when it failed to do so again I could have cut the trade and reversed. Hind­sight is 20/20 as they say. 

Obser­va­tions

N.A.

Missed Oppor­tu­ni­ty

Failed Auc­tion Short will be dis­cussed in my next post which wasn’t missed. I actu­al­ly took the trade. 

TAGS: Above Val­ue, Out­side Range, Mod­er­ate to Large Imbalance,

Pre­mar­ket prep on the day

20210830 Pre­mar­ket Prep DAX

Dai­ly Report Card on the day

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