I saw this 5min MAB forming straight after my last trade, but I wasn’t sure if price would be able to break through the Daily EQZ boundary at 11693.8, as it had proved to be good support previously today.
I was also wary of giving back profits so soon after a decent +2R trade.
With a fib tool drawn from the bottom of a 5min EQZ down to the Low, price retraced to a pip-perfect 61.8 level, where the bears stepped in to drive price down through the day’s supporting levels. Also of note, the turning point came almost exactly at the half hour mark.
I liked the look of the impulsive bearish move off the 5min ema, and the retracement fell nicely at the H1 EQZ midpoint.
I got the MAB I had been waiting for!
The SUPCON I had identified earlier held, and I got a decent entry point for the trade.
I chickened out as price rose to the underside of the 5min EQZ and the 5min ema came down to meet it, and took a profit of +1.37R. With more trust in my read of the action, I could have stayed in the trade and taken larger profits, but after my ‘WTF’ moment earlier, I just wanted some profits.
I won’t even grace that trade with its own post. There was a knock at the door, and my attention got diverted. When I came back, I was so intent on seeing price rise for a 5min MAB that I ruined all the time I had spent waiting patiently, entered a trade, immediately regretted it and looked to close the trade at break even, which of course never happened.
I am angry at myself as taking these stupid trades was something only yesterday I promised myself I would cut out. There is good reason why I don’t trust myself to trade with my own money yet.
A move down to the11693 level and 4hour MAB?
The gold line represents the 61.8 fib level on the daily chart.
Hey Joel,
Well done on the H4 MAB winner!!
You called it well in advance and you did what I should have done and that was to take it at the D1 EQZ@11693.8 level.
ZERO distractions is the only way to trade consistently, we all experience what happens otherwise. Sometimes you get away with it but we want to be profitable due to skill and not luck, that’s the only way to make this a career.
Focus on the positives, there are plenty here 🙂