Divine justice!
Nothing to say, I waited to see confirmation and when price went above the Bear channel I entered the trade! Took profit right on time as well, yeah!
Price showed sudden weakness after the M5 MAB and I wanted to take advantage of it!
The second trade was risky, poor and taken out of FOMO. It could have been a 5R trade considering that price is now near the PW Low (bottom of the screenshot), but the trade I should have left alone or managed better was the first one.
On trades like this one where you are playing a breakout rather than a retracement, you need to be cautious. And being catious means, for me, to take profit as soon as you have something meaningful, because you don’t know where price will bottom or come back looking for support to keep going down.
I should have taken 1R when price tested the 11452.8 level and used it to enter again at the same level or above, risking basically the just taken profit rather than part of my bank. As I didn’t do that, I panicked when price retraced as it could have gone for the M1 MAB and decided to sell, only to see how it quickly came back down.
I don’t like the “fine margins” wording to describe this. It’s anger!
Hi Alex,
Great H1 Buy MAB……
Yes! I’m glad you got it!
Entry at the 1hour ema would have seen almost double profits?
Perhaps you were right to wait for that confirmation, it being below the H1 Bear Channel.
If price was on its way back up, why not put the Stop Loss right underneath the Lower Low?
It looks like you love risk eh!
I’ve seen so many times price coming back to the 61.8 level that I wanted some protection. Also, if you look to the left there is some RR structure covered my stop loss.
It is a great point, maybe if you wait for confirmation you don’t need such security level!
It’s not that I love risk, I just wanted to know your thought process and reasoning.
That would be my thinking, that if you wait for price to start moving back up, you are basically saying “So this is as low as it’s going to go”, so the Stop could go underneath that Low.