I felt that this was a good set-up, and the previous support would act as resistance.
The strong bullish move up the the Entry point, couple with the period of consolidation at 11300 which allowed Bulls to amass energy, should have been a warning that Bulls were now in control and this might not be a good trade to take! I even thought about this as the bullish impulsive move formed, but FOMO took over and I entered the trade.
One good trade, bookended by one bad trade and a couple of weird trades.
The first -1R loss as price broke previous SUPCON, was anotherHBS trade, with a bit of FOMO. Annoyed that I had missed the SUPCON the first time around, I thought the market might be giving me another chance at it, to form a double bottom. After such a long bearish move previously, this was a stupid thing to think, and that was just HBS trying to trick me into a trade, which it did!
The following +2.32R at SUPCON was much better, and I was able to take profits comfortably before the Inner-Fib 50. There was a confluence of:
- D1 EQZ midline
- H1 EQZ midline
- 11259 level which I picked out on the D1 chart and finessed on the H4. (I’m still not sure how much weight these levels hold and was mostly taking note of the D1 and H1 as SUPCON, however this level seemed to play it’s part here.)
Letting the emotion of a winner get to me, I decided to go for the 1min MAB forming, at first not liking my entry and so I entered a second trade with a better Entry level! What a bad decision! Lucky I was able to exit the first trade without a loss, and reduce the loss of the second trade by bringing my Stop Loss down.
I didn’t take this as I am waiting for the 15min or 1hour MAB at the 11397 D1 EQZ, and wasn’t sure if the 5min MAB would happen.
Note the time, at the turn of the hour, maybe this was enough to give some weight to the 5min MAB?
I’m incredibly frustrated with this one, as I made such a basic error that meant I missed out on it! I think Alex has had this problem before, I remember reading about it on someone’s blog…
I did everything right! Waited patiently for price to move down to the Lo-Hi GZ, did not take the 15min or 4hour MAB as I felt that the 1hour MAB inside the Lo-Hi GZ was the better set-up. It edged its way down slowly, I could see Bulls were eager to get price moving up again, so knew that I would only have a short entry window. I hit CRTL-E as price was near the 1hour ema, perfect Entry! Or not!
I’d clicked on the window showing the M5 timeframe to mark something up five minutes before, so when I hit CRTL-E the trade didn’t execute.
Consecutive M5 MABs, which look like they take the Fib levels drawn from first the bottom, then the top of the gap’s ‘white space’ zone.
Is this trendline in play, and will price react to thise level of RESCON?(Around 11600)
There was a big gap up this morning to, or just above, this level of previous support and resistance, at about 11434. Is this a signal of intent by the bulls? Should we be looking at buy trades today, or this morning at least?
Good question, but judging at the way market is behaving lately, I wouldn’t know what to say.
Btw, Mr. Market just left me a gift on that M5 MAB. Touched my stop loss and went for my 1R target level.
Was that the first or the second M5 MAB? I took neither!
Hi Joel,
How frustrating for you on the H1 MAB you waited for.
I’ve also missed trades due to another window or chart being the active one due to clicking it after setting up the Trade Tool. I now obssesively click the chart to make sure it’s active…
I can only laugh…
I won’t be making that mistake again any time soon! I hope…!
I am opening a Club of people with clicking charts OCD, you are all welcome!
Great buy trade at SUPCON, I was away from my desk when that happened, I like to think I’d have taken it as it reached perfectly the D1 EQZ Mid-line@11251.0
Another great example of how the Daily EQZ levels and their mid-lines capture price.
I now keep a small chart permanently displaying the Daily chart with the EQZ’s, it helps keep me aware of the big picture.
I see we both took the M5 Sell MAB after the low at 11325, it was a good setup but contextually it was low probability but in real-time I like it.
So long as we are consistent with these we only need to be right 40% of the time so long as we get the 2R and limit risk to 1R