Trade Review GBPNZD 20210317

27 Mar Trade Review GBPNZD 20210317

#fin­twit #order­flow #day­trad­ing #trad­in­gre­view #GBPNZD #GOLD

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.

How was the Entry, SL place­ment and sizing?

There was a large imbal­ance at the open with price trad­ing with­in M30/H4 QHi. C TPO closed as a Bear Engulf and I went in short. SL place­ment was goo as it was above the for­ma­tion as well as slight­ly above swing high.

Odds enhancer: large imbal­ance, clean arrival H4 QHi

How was the prof­it target?

No H4 demand in the way for a good 2R prof­it tar­get although Lots of LTF demands on the way to val­ue edge. Still con­sid­ered good. 

How was the Exit?

Here is where I messed up. Dur­ing D TPO I saw a flim­sy M15 Bull Engulf close and I grasshop­pered out of the trade for a ‑0.2R loss. 

A price action-based exit would have been dur­ing G and would have only net­ted 0.5R.

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

Would have scratched or like 0.1R

What could I have done better?

I could have not grasshop­pered out of the trade and stuck with it. If the trade was worth tak­ing it was worth fol­low­ing my exit rules. 

Dur­ing G TPO there was anoth­er rever­sal play to the pre­vi­ous DTTZ which could have net­ted anoth­er 1.5R. 

Obser­va­tions

DTTZ are there for a rea­son and I am get­ting bet­ter at under­stand­ing how they work. First step to ulti­mate­ly take advan­tage of them. 

Medi­um time­frame bull­ish­ness pushed price high­er at the next DTTZ.

Pre­mar­ket prep on the day

Dai­ly Report Card on the day