Trade Review GBPNZD 20210323

27 Mar Trade Review GBPNZD 20210323

#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 huge imbal­ance at the open and ADR got exhaust­ed pre­mar­ket dur­ing Asia plus W1 sup­ply had been tak­en out. Trad­ing at H4 sup­ply. Price trad­ed high­er before clos­ing as a bear engulf dur­ing at C TPO close. I went in short. I should not have been in this trade due to the afore­men­tioned huge imbal­ance and ADR exhaustion. 

SL place­ment reflect­ed a momen­tum trade and thus was acceptable. 

Odds enhancer: large dis­tance to H4 VWAP and UKC in R

How was the prof­it target?

With no H4 demand in the way this was fine. 

How was the Exit?

At the time I was eager to pock­et some prof­its and thus closed this trade at 0.4R. Accom­pa­ny­ing fac­tors were price being very slow to move low­er. In my expe­ri­ence this hap­pens a bit faster. 

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

Dur­ing G my SL would have been hit at ‑1R loss. 

What could I have done better?

I could have giv­en more weight to the trend as H4 and D1 were up. W1 sup­ply had been tak­en out, hit­ting MN boase lev­el indi­cat­ing more con­tin­u­a­tion, as well as ADR got exhaust­ed pre­mar­ket with a huge imbal­ance indi­cat­ing a pos­si­ble strength behind the move. Thus a play off M30 VWAP in UT leav­ing a buy­ing tail in F could have been a bet­ter play. 

Obser­va­tions

Huge imbal­ance at the open can indi­cate a fur­ther move with the orig­i­nat­ing direction.

Pre­mar­ket prep on the day

Dai­ly Report Card on the day