End of Day | +1.20R
I had a shaky start this morning, but gradually got into the flow of the market as the day wore on.
Tomorrow I will look for a more clear move after 8am before taking a trade and make sure that price is making an impulsive move through a previous level of Support or Resistance. The first trade that failed should have been a warning to me not to take the second at the same level. The trade at 08:43 was a Would Not Take Again trade.
The potential trade at 10:52 was one that I should have taken, with a clear set up and good confluence Key Structure and Role Reversal within the GZ.
The two winners I had today I believe had good set-ups and good reasoning behind taking them.
The final trade of the day was a losing trade however the set-up on the M15 timeframe looked good so I would say that this is a Would Take Again trade. However, perhaps I should have been happy with the winning trade just before this, and been content that marking up the 15min MAB led to a +2R trade in it’s set-up. The set-up would have still produced a +2R trade, but I got greedy and wanted 4R from the move! The trade happened right at the end of the day, and this could have been a reason to let it pass.
Not long after the Buy trade up into the 15min MAB GZ, I entered another trade, this time Selling back down to the H1 EQZ at 11644.
There was Resistance at the 15min MAB, however it was not substantial enough to push price down to meet my Profit Target, which I had moved just inside the grey keyzone marking previous Support levels.
As price began to move downwards from my trade Entry at the 15min ema, perhaps I could have moved my Stop Loss to break even to prevent a loss, however I wanted to give the trade room to test the 15min ema for a second time and felt confident it would move back down towards the H1 EQZ. Obviously this did not happen!
As price started to rise from the Low, I identified a setup on the M15 timeframe for a 15min MAB. The GZ fell at a level of previous Support and Resistance, marked by the grey keyzone in the above screenshot just below the 11663.2 level.
As I was confident price was moving up into this zone, I took a Buy trade when a 1min MAB set-up formed and acheived +2.01R.
I passed on this trade as I wasn’t sure about selling back up into the D1 Bull and Bear Channels.
I am planning on waiting for price to make a move above the Channels before making a Buy trade, or making a significant move back towards the H1 EQZ and Selling down to the H1 EQZ.
Following the two Buy trade losses and the two Sell trades which I did not take, I was in Sell mode and jumped at this setup when I saw it form.
A good impulsive move down from the 11633.2 level after ranging for a while around the D1 Bear and D1 Bull midline, and retracement to a confluence of the 1min ema, intersection of M5 Channel midlines and Fib GZ, after creating a Lower Low.
I could see the H1 EQZ at 11644 as a potential target, and so made a Sell trade, with Profit Target at the Low.
Break of the D1 Bear Channel, retracement to the previous Support level, price turning at the 61.8 Fib level, with the 5min ema and 1hour ema in confluence nearby.
The intersection of the H1 Bull and Bear Channel midlines and presence of the 5min ema gave a good reason to take this trade. However, it would have meant selling down into the Supporting D1 Bear Channel.
After making a new High, I attempted the same trade again, but this time giving a wider Stop Loss. When price broke down through the D1 EQZ I tightened my Stop to cover myself, and got taken out for -0.35R.
Although there was a Higher High anf confluence with the D1 EQZ inside the GZ, this was a trade I shouldn’t have been taking, especially since the last one did not work out. I should have waited for price to make up it’s mind, and start moving in one direction before entering a trade.
After 8am, price started moving, and after what I thought was a good impulsive move off the Supporting Bull and Bear Channel midlines and up through the D1 EQZ and 11700 levels, I took a trade which didn’t work out.
In hindsight, the Higher High perhaps wasn’t the best in context, and the H1 EQZ midline had already proved to be Resistive in previous price action, so it was not a good idea buying up towards it.