End of Day Review
+2.88%
4 trades taken.
2 winners, 1 losers, 1 break even.
Price formed a Double Bottom during my previous trade, so I was on the lookout for a Reversal. I noted an Inverse Head and Shoulder pattern (although haven’t marked this up on the chart) with the Head at the double bottom, the left shoulder supported by the H4 and M30 midline, and expected the right should to form at the same level.
I waited for the M5 MAB to take place, price dropped, however I will still very hesitant to enter. The two long wicks that formed below the H4 midline signalled to me that there was support, along with a bull candle, and so when price came back down to the H4 midline I was ready and entered the trade.
This was a Low Probability M1 MAB, however after the H4 + H1 MAB at the Open earlier, price had been particularly bearish, and so I decided to enter the trade, expecting price to make a push for Yes. Low.
The support price found at the level of Point B of the trade, shown by the long wicks, made me doubt that price would reach Yes. Low, so I moved my Stop Loss to breakeven to cover myself. At this point I should have also closed out the trade for between 1 and 1.5R profit, however due to the percieved bearish nature of the market, I decided to let the trade run, knowing I was breakeven as a fallback.
The trade is difficult to see from this screenshot due to the battle taking place, once again between the D1 12615 and KS 12604 level.
A break above the D1 EQZ signalled that Bulls had control and I anticipated a move up to the H1 and H4 moving averages.
A micro-M1 MAB formed, and I entered the trade.
The idea here was that price would bounce off the 15min moving average and move down to form an M5 MAB before moving back up towards the H1 and H4 emas, which occured in a similar pattern yesterday.
I entered a Sell trade at the 15min ema, and you can see from my screenshot that I was preparing for the M5 MAB, however this did not work out.
