I entered this trade and walked away to let it run it’s course.
One of two things would have saved this trade. Either a tighter Stop Loss, meaning my 2R target would have been above the H1 EQZ, or moving my profit target above the H1 EQZ.
I expected the Daily ema to hold, and for price to move down to at least the 15min ema. This did not happen however, perhaps because it was the end of the day and volume dropped. A disappointing end to a drawn out trade.
The market gave me another chance at the 5min MAB, and I had been waiting patiently.
I entered the trade at the level I wanted, but price looked indecisive and struggled to break through the M5 EQZ. At this point I began marking up the higher timeframe 15min MAB that could be forming. As price broke down through Yes. High and the H1 EQZ midline, I looked for an exit, and ended up breaking even.
Moments after exiting the trade, price started to climb again, eventually hitting my +2R Profit Target! This was a trade that I should have walked away from once I had got my entry.
A perfect set-up, with price moving impulsively off the D1 Channels, retracing to the GZ and bouncing off the 1min, 5min and 4hour ema, and D1 EQZ.
I’m annoyed that I didn’t take this trade. I had it marked up in advance, but got distracted ‘only doing something quickly’ on the blog, an unforgiveable way to miss a trade!
