Update on the previous trade.
A wider stop would not have helped, and this just adds to the fact that I should have closed out at the H1 Bull Channel, confluent with a FibCon.
A mistake to take a Sell trade in a Bullish market, but I’d identified the 11937.9 level earlier, and I was looking for a place where price would stop climbing and begin to retrace.
A wider Stop might have kept me in this trade, I wouldn’t be surprised if price hung around at this level for a while longer before retracing the the Lo-Hi GZ area.
I will update later to see whether a wider Stop Loss would have made for a winning trade.
A loss to start the morning, I think my read was almost right, I just didn’t account for the strength of the move back towards the Open. I knew that there would be a push towards it, but I thought that my Stop Loss gave enough space for movement.
My Entry was at the D1 EQZ midline and 4hour ema, with the 5min ema and Open as cover for my Stop Loss.
(09:00) Update: The mistake I made with this trade was completely missing the 15min ema at the Open. The best entry for this trade was taken by bbqtrader at 08:16.
I start today with the same sentiments as Friday, and expect another day of price rising towards the Daily ema, with the 11397.9 D1 EQZ level as a target for now.
Great read for the M15 Buy MAB, once again, such fine margins. A trade that should be taken again and again….
I left my desk for a few minutes only to see the M15 MAB had just happened when I came back.