End of Day Review
+1.86%
4 trades taken.
2 winners, 1 loser, 1 break even.
Call them risky, low probability, but I always had a thing for this kind of trades.
If you are looking to price (and by that I mean, every movement that price is doing every second or so), it’s not hard to anticipate that a breakout attempt is coming. There are cases where below the resistance level all of the sudden price starts to move up with great energy, and if that energy causes price to stay above the resistance level for a few seconds, the set up is on.
I could have left it on for a bit more, but looking left there was some wicks in the past that could serve as role reversal levels, therefore I happily took the profit.
I must say, every time I take this trade, as soon as price goes around 0.50R above my entry level, I move my stop loss to breakeven to prevent false breakout attempts from giving me a 1R loser.
Also, note the BuyLimit order placed around the 12318.54 level, it will come into play(adapted to the new price action) an hour later.
I really liked this one, having in mind (not shown in the chart) how the area around the Yes High was of strong resistance in the past I thought a FIBCON could be in place, helped by the M1 Moving Average going up.
When I opened the first trade price moved up quickly, therefore I moved my stop loss to breakeven level to protect my previous profit.
After taking me out, the next two minutes I saw them as consolidation of the price at that level, which I took as a bullish sign and entered a second trade with a more attractive 2R level.
However, bears took over, drove price down aggressively and took me out of the trade. The -0.75R was originated in a change in price at the moment I entered the trade, modifying my risk/reward.
On my first trade I had a BuyLimit zone already placed from before price attempted the breakout. After such price action, I updated the possible setup, placing the FibTool between YesLow and this session’s High. The result: the H1 MAB coming up slightly above the 61.8 level and above the 12318.54 level, an area that acted as support yesterday!
However, I went away because the market was still far away from this level, but when I sat back down I see that tremendous candle that touched YesHigh and came down very fast near the Open level.
I waited for it, hoping it would lose some of the impulse, and it just reversed after my trade, as if I had any power over the market with my tiny trades!! 🙂
Conscious of the energy of the movement down, I set Lock In Profit levels and left it alone. After being slightly above +1.5R, the bull run was over and it took me out at +1.03R.
I still need to be able to enter these trades with more confidence on the M1 chart, with a lower 2R target, but I will eventually get there to max out each trade.
