Trade Review GBPNZD 20210310

27 Mar Trade Review GBPNZD 20210310

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #GBPNZD 

I have already reviewed these trades but I like to go back and review them again. Hence this new for­mat I am intro­duc­ing into my process.

Exit

How was the Entry, SL place­ment and sizing?

All kinds of things are wrong with this trade. To start off with it was ini­ti­at­ed off a M5 entry. Sure it was near a H4 demand plus the assump­tion val­ue had been reject­ed where in fact it had not as there was no IB exten­sion in the direc­tion of the sup­posed rejection. 

SL place­ment wasn’t good either as it was tighter than the stan­dard. This ear­ly in the ses­sion I should have used a stan­dard SL size and switched back to M30. 

Odds enhancer: M5 QLo, H4 demand, VAH

How was the prof­it target?

Prof­it tar­get was not good as there was a H4 sup­ply in the way. Don’t know what I was think­ing here. I guess I was ini­tial­ly think­ing val­ue had been reject­ed and thus was stuck in a long bias.

How was the Exit?

Due to D TPO extend­ing IB range down a few prints I looked for an exit as there was more con­fir­ma­tion the mar­ket is intend­ed in the oppo­site direc­tion. Fur­ther­more price trad­ed to H4 sup­ply (coin­cid­ing with M5 VWAP CAR) and I decid­ed to take the trade off.

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

It would have stopped me out. 

What could I have done better?

Not take this trade even though I net­ted minor prof­its. Even though there was a close well out­side of val­ue there was no IB exten­sion to con­firm the rejec­tion. Thus a bal­anc­ing mar­ket / val­ue rejec­tion fail­ure was the more prob­a­ble play. A play off the M30 Inside bar cou­pled with LTF price action would have been the best entry. 

Obser­va­tions

Val­ue rejec­tions need close to coin­cide with IB extension. 

Pre­mar­ket prep on the day

Dai­ly Report Card on the day