Trade Review GBPNZD 20210326

27 Mar Trade Review GBPNZD 20210326

#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 mod­er­ate to large imbal­ance at the open and IB trad­ed high­er and extend­ed in C then slight­ly fur­ther in D. Although no good sell­ing tail D (although price had tra­versed high­er ful­fill­ing mean rever­sion cri­te­ria) closed as a bear Engulf and I entered on a Sell Lim­it order on a pull­back to new­ly formed con­ter­mi­nous line. SL place­ment was good as it was above the price formation. 

Odds enhancer: M30 VWAP in UT CAR

How was the prof­it target?

No H4 demand in the way and enough left in the ses­sion range to hit a 2R. Although lots of LTF demand in the way.

How was the Exit?

Not great as there was no real price action exit rule present. On 2nd retest of IB low I was on alert and wait­ed for sup­ply to get tak­en out. When price start­ed pop­ping slight­ly high­er after reach­ing LTF demand low I gath­ered the M15 con­sol­i­da­tion might hold for anoth­er peri­od and pock­et­ed some prof­its 0.4R. A real price action based rule would have net­ted me ‑0.3R.

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

Time-based the trade would have scratched for 0R. 

What could I have done better?

I want to say that I did well to pock­et the 0.4R when I did. How­ev­er this was not rule-based. This was me observ­ing a fail­ure to break LTF demand and price tak­ing a long time before actu­al­ly doing so. Thus on the next retest of LTF demand I wait­ed and when price start­ed ‘pop­ping’ a few pips above I decid­ed it was enough and cut the trade.

Obser­va­tions

When the open has a mod­er­ate to large imbal­ance we can wait for mean rever­sion cri­te­ria to be ful­filled and if price action con­firms we can act on it. 

Pre­mar­ket prep on the day

Dai­ly Report Card on the day