I’m really pleased with this one, as I waited patiently for a great entry, had a tight stop and so +2R was well within reach.
The SUPCON consisted of:
- D1 EQZ midline
- D1 Bear Channel midline
- Yes. High
- H1 Bull Channel midline
- 11550 level
- Lo-Hi GZ
I wanted to enter the market at Yes. High and the D1 Bear Channel, around the 11552 level. However, I had noticed previously that price will often stall for a moment, then push lower before climbing back up, so I waited for the move to the D1 EQZ midline before taking the trade. I had considered putting my Stop Loss behind Yes. Close for support but decided against it as I wanted a tighter stop and therefore a closer 2R target; this turned out to be a good decision for this trade.
(15:20) UPDATE: Seeing how price has just moved, it looks like this was a lot more luck than skill? I’m even more glad now that I kept a tight stop, as had the trade not hit +2R I might well have hung onto it hoping that price would start to move higher!
This had potential, but wasn’t conforming exactly to the Fib levels and didn’t get a good touch of the 5min or 15min ema, so I left it alone.
I considered this one, but it didn’t retrace as deep as I would have liked, as I wanted the 2R well within the 11600 level as I was concerned about its support.
The short-term keyzone I’d marked up earlier captured the turn in price, and I could have used this as an entry point but I wasn’t sure about the probabilities.
Letting this trade play out would have netted me the +2R I was looking for.
Could this be another opportunity for a RESCON Sell?
Not the best of results from a good setup, although I am happy with some profits.
I moved my Stop Loss up to break-even when price reached the first short-term KZ, then up to the 1R mark when it got near the Inner-Fib GZ.
The takeaway from this trade would have been to trust in the Inner-FibCon and put my Profit Target just below the 50 Fib level, which price touched before it turned around.
I really wanted to take this trade. It looked good, the levels had been tested and they resisted, and I could see price was going to make its way down towards the 5min ema.
I did not take this trade, as it did not conform to an ABC pattern, it was the first trade of the day which I often jump into without reading the market correctly, and I decided to be patient for the 5min MAB which looked to be forming.
Should have taken profit at RESCON!!
I thought you had done that as well but you exited earlier! You had a great entry, trust your reasoning and leave it to probabilities!
Anyway, +0.93R every day and you will be doubling your bank in less than 6 months so nothing to complain about!
I know, I know!
I was worried of price dropping further after the RESCON, and that touch of the 50 Fib level of the Inner-Fib GZ was enough to make me panic and exit the trade.
Hi Joel,
I decided to go for a run to christen the garage project which has 100% weather-proofed and sealed it. I’ve just sat down to see your 2R winner off SUPCON.
Great confluence, great anticipation and execution, a great trade !!!
More than luck and definately a case of fine margins going in your favor 🙂
The 2R was tight due to the M1 MAB and the 50% level of the session but it worked out perfectly.
Maybe in the future when trading these types of setup it might make sense to take profit at the opposing M1 MAB because we’ve observed enough times times that price will ‘probably’ reverse.
The M1 Sell MAB was also a very good setup both structurally and contextually.
On this occasion price wanted to test the Open and the H1 Bear Channel before moving backup.