I gave the trade space as it pushed up to make a new high after my entry, but as it came back down I got nervous and moved my Stop Loss just above the 10835 level.
At one point there was +1.5R on the table, perhaps I should have taken that and exited at the 1min MAB.
I believe that price will now continue to fall towards the 5min ema. I probably should have left my Stop Loss be and let the trade play out.
FibCon with short-term channel for confluence. Stop Loss inside an area of role reversal. Resistance at the Inner-Fib levels, could and possibly should have taken profits in this area, even though price later went on to hit the 2R target.
The price will first reach the intersection of the H1 Bull Channel and H1 Bear Channel midline. Then, the 61.8 Fib level at 10797, the 10800 level, the D1 EQZ at 10808 and the H1 EQZ midline at 10814.
They are not all in a tight confluence, so I am unsure about this one. The 4hour ema is lurking just beyond these levels and I’m wary that price could push through to meet this moving average.
A good set-up for a 1min MAB trade. At the time of the trade, Entry would have also been inside the Hi-Lo GZ.
This trade would not have worked out, however I believe the set-up was good enough to warrant taking this trade. The only thing that would have put me off would be buying into the D1 Bull Channel upper.