Reviewing Day GBPNZD 20210302

20 Mar Reviewing Day GBPNZD 20210302

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view

Exit

How was the Entry, SL place­ment and sizing?

There was an open with­in val­ue where IB trad­ed from with­in at VAL at H4 QHi. C then pro­ceed­ed to close below VAL through Bear Engulf coin­cid­ing with an IB exten­sion down. Entry was good as it was tak­en after the con­fir­ma­tion of val­ue rejec­tion through afore­men­tioned points. SL place­ment due to the momen­tum nature of the trade was good as well even though it cut through the formation. 

Odds enhancer: Price was trad­ing at M30 UKC in R with VWAP flat

How was the Exit?

I took prof­its pre­ma­ture­ly and pock­et­ed 0.6R. At the time I jus­ti­fied it by it being ear­ly in the month and want­i­ng to have a lit­tle buffer. 

Dur­ing G price start­ed fal­ter­ing at H4 c‑dem on M15 and M30 closed as a Bull Engulf. An exit here would have net­ted 2R. Although my usu­al take prof­it is 2R so that would have tak­en me out anyway. 

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

A time-based stop would have net­ted slight­ly over 1R.

What could I have done better?

Obvi­ous­ly here if I had cho­sen to wait for a price action exit rule I would have net­ted more. 

Obser­va­tions

A rever­sal came dur­ing G TPO in the form of a bull engulf. At the time there was some struc­ture of 3 TPOs and sin­gle prints in D left behind (which did not get tak­en out even lat­er in the session).

Pre­mar­ket prep on the day

Dai­ly Report Card on the day