End of Day Review
+1.76%
1 trades taken.
1 winners, 0 losers, 0 break even.
The sell off this afternoon has begun to form a fifth wick, confluent with the 61.8 fib level shown by the golden zone in the screenshot, but also with the 76.4 fib level of the bigger move.
This fib level isn’t used in our trading edge, and not usually displayed with the fib tool, however it is interesting to note the confluence.
The push above the 61.8 level of the bigger move could have been the markets attempt to make traders optimistic and get into long positions, though the recent patterns suggest to me a drop in price soon.
I really shoe-horned a fib to fit this trade, but I liked the confluence of the 1min and 5min emas, and after what looked like a double top at the 12392-12401 levels, I wanted to get on a Sell trade.
I moved my Stop Loss to breakeven quite early on to protect myself as I thought this was a trade on the lower-probability side, and took profits manually near my 2R target, as price was looking to have found some support.
Great to see you and Phill taking the same winner!
Well done Joel!