A very similar trade to the last one, off the top of the short-term keyzone. I was waiting for retracement to the 61 Fib level and the 5min ema, but it never came and so I missed out on this one.
I didn’t get the perfect entry, and so I settled for +1.5R with the Profit Target just underneath the Daily ema and the bottom of the M5 EQZ.
A good setup here, a retracement to the top of the short-term keyzone, and the H1 Bull Channel midpoint in the vicinity for support. I put my Stop Loss underneath the 4hour ema for extra support, although perhaps this wasn’t necessary.
An almost identical move as the last, with SUPCON at:
- D1 EQZ midline
- D1 Bear Channel midline
- 11550 level
The move back up formed another 1min MAB inside the GZ, with the previous SUPCON now acting as RESCON.
I should have taken these trades too, but wasn’t on my toes after the last setup.
Phi made a comment yesterday afternoon that I had in my head all through this trade, and it paid off well.
I prepared for the SUPCON as price broke the 11600 level, and noted the confluence between:
- H1 EQZ midline
- 61 Fib level
- Daily ema
- D1 Bull Channel midline
I got a decent entry, then immediately prepared for the 1min MAB setup. I gradually moved my Profit Target for the SUPCON trade, keeping it just below the 1min ema.
As price formed the 1min MAB right at the 50 Fib level, I entered a sell trade with a stop safely behind the 11600 level, and took profits at +1R, expecting a bounce off the H1 EQZ or Daily ema.
I got put off by the bullish candle and the gap up inside the GZ.
Here you can see another short-term keyzone that I’d failed to draw up before the last trade. Having this structure in place for the last trade could have saved the loss!
The gap down and the lengthy bearish candle down to the 1hour ema should have warned me about the momentum of the bears in this move, but I liked how it interacted with the short-term keyzone and the Fib levels so entered the trade.
Not trading today but I am seeing good profits over here!!
Nicely taken! It requires very good timing to do what you did!
Hi Joel,
You have made my day!!!
Late last night a migraine came on that disrupted my sleep resulting in me not getting up to trade this morning as I’m very sluggish and loaded up with codeine. I’m therefore not planning to trade today so instead will continue to look at a s/w update that will handle the price spikes which cause limit orders to trigger only to be stopped out almost immediately.
Well done on the back to back winning trades and using yesterdays price action lessons to assist in when to take profit and enter the M1 Sell MAB.
There’s been some good price action sell MAB’s once price broke below the 11600 level, similar to yesterday.
M1 Sell MAB@09:53
M1 Sell MAB@10:10
M5 Sell MAB@11:22
All 3 were structurally good 2R+ setups, just wish I’d been in a place where I was able to trade 🙁
Logging on to see your blog was an ideal boost for me, to be able to trade as you did reflects an understanding of price action that comes with experience.
You are clearly progressing on your journey, keep going and if you’ve not watched the two videos I referred to in my blog then check them out.
https://blackboxsoftwaresolutions.com/fri-2nd-nov/