I was presented with a second chance at taking this trade, however price had already acted as predicted, moving down from point C to the H1 EQZ midline and D1 Bear Channel, which supported price, moving back up to the D1 EQZ and Yes. Close.
I felt there was a good chance that price could push up further, to the Open, the Daily Hi-Lo GZ 61.8 level and the 4hour ema, so I did not take the sell trade.
I was waiting for a move closer to the D1 EQZ, around where the ‘C’ marker is placed. The 15min ema was higher and closer to the D1 EQZ at the moves’ peak, and I was waiting for a touch of the 15min ema before entering the trade.
I was being quite picky on my entry, as I had doubts about the trade and wanted to get the best value I felt was available. I would be trading back down into the D1 Bull Channel and H1 EQZ midline, which carried risk. Also, my Stop Loss was sitting below the Open, which would be seen as a target for price, and below the higher timeframe Daily Hi-Lo GZ 61.8 level.