Some days ago I posted a trade idea that saw several times playing really well.
Today I saw it again, I entered a bit earlier than I should have (best value was at the 11516.8 level), and even though I closed it mannually just before it went up (classic!) I am happy for having read the pattern!
Price was clearly ranging and the range expanded after the London open, probably due to higher volume. However, when price went down it broke that range getting rid of the bears and leaving the way for bulls to take over.
My doubt was the possible GZ FIBCON with the M5 moving average offering resistance to the upside. Because of FOMO, I entered it earlier, as price went for the M5 moving average, got back to the 11516.8 level and started its way up. That was my first mistake.
Second mistake: didn’t walk out of the room. I had take profit levels on, moved my target profit above Yes Close to make the most of the trade (by now I would have close with +2.5R) but I stayed watching for 8 minutes how price was forming red candles in the 1M chart. Obviously I saw danger and wanted to keep my profit secured for the day so I closed the trade myself just to see 2 minutes after that how price went up fast towards my 2R and Yes Close levels.
After two breakeven trades where I tried to find a FIBCON working out with no success, I loved the way price approached to the M1 moving average.
As I didn’t know if price would form a FIBCON or a MAB, I entered the trade at the 61.8 level of my FIbtool and hoped for the best. At 1.90R, price stopped and stayed at that level for 4 or 5 seconds, which conviced me of taking profits before the salmon jumps back to the water.
Good trades in difficult trading conditions!
I was looking for a Sell 1min or 5min MAB at 09:27, when you were buying, so it’s a good thing I’ve taken myself away from the screen this morning. I can’t seem to read ranging charts very well at all!
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