Very tempted by this one. The reason I didn’t take this, was because I would be selling down into the level I previously bought at, the FibCon, 11550 level and Daily EQZ midline.
Price turned at 16:00 after touching the 5min ema.
I noticed and marked up this FibCon on the M15 timeframe. It was inside the Daily Lo-Hi GZ, and the 61Fib fell right on the 11550 level, with the Daily EQZ midline just below it for support.
Price had to push through the Hourly and Daily ema to find this level, which made me wary, but I liked the way price reacted to touching the 11550/61Fib level and so entered the trade.
I marked up the Inner-Fib GZ, and brought my 2R target down just slightly to sit inside the GZ. This turned out to be a very good decision as price turned around at this point and would not have hit my original 2R target!
When price was at the Daily ema and Yes. High, I almost closed the trade for around +1.5R, however I decided to let it play out. By this point I had moved my Stop Loss to break even so was not worrying about any losses.
I got suckered into this buy trade, when I should have been in Bear mode with price coming down from the high, almost touching the 11693 target.
My mistake was coming back after an afternoon break, and not spending enough time on all timeframes, marking movements up and getting back into the flow of the market.
If the 5min ema was closer to price and inside the GZ, I would have taken this trade.
Impatient and should have waited to bring in the +2R profit.
I was worried that price wouldn’t break the M5 EQZ border, and wanted to cover my previous loss. Just before I exited the trade, there was a red candle, and a small gap down, and I panicked and closed the trade.
A little frustrating! I wanted my 2R Profit Target above the 11600 level and so needed a tight Stop Loss. A couple of pips more and I might’ve have come out of this with a good profit!
5min MAB + FibCon with a tight stop and +2R within 50% of the Inner-FibCon.
I did not take this because I have not got into the flow of the market yet this morning, and the strong Bearish candle put me off.
Decent M1 MAB for the double bottom at the H1 Bear Channel and the 11600 level, dam those fine margins!!
Eeww that was close.. We had a very similar reasoning, but the reason why I didn’t take it was because in order to have a reasonable stop loss, the profit target was going to be below the channel boundary!
Yeah, that’s the problem I had when marking up my entry. Maybe it was worth taking 1-1.5R with a wider stop?
Great Buy winner Joel, letting them play out is a challenge. I’m even considering walking away because had I done that a few times this week I’d have had several R profit banked.
I saw it whilst writing an email but decided to pass for the reasons I mentioned in my blog.