Would’ve hit my 3R Target if I hadn’t closed out the trade!
I found these channels, and after two interactions with then, I thought I would take the third.
I exited the trade after a candle opened above the channel boundary, and it looked like price could move up to the 5min ema. At the moment price has moved back down into the channel but it hugging the underneath of the boundary.
I’m pleased that I took this trade after seeing price reacting to these channels twice for confirmation, without much hesitation. I’m pleased that I exited this trade for a smaller than 1R loss when it looked like price might start moving against me. (Even though price is now moving down to my +2R profit target as I type this…). I used key structure in the M5 EQZ for a Stop Loss level, and before exiting the trade, had my Profit Target at 3R, near the D1 Bear Channel, which I considered a target.
Confluence of D1 EQZ, H1 Bear Channel, M1 Channel and FibCon.
