themabtrader

Wed 13 Mar 19

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<< Tue 12 Mar

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Thu 14 Mar >>

15:23

M1 5min MAB | Buy | +2.00R

A clear impulsive move up to the H1 EQZ midline and retracement to a confluence of:

  • H1 Bear Channel midline
  • PM High
  • 5min ema
  • within higher timeframe keyzone taken from earlier price action

I let my Stop Loss be determined by the 2R Profit Target which I wanted just underneath the M5 EQZ boundary.

10:25

UPDATE: M1 failed FibCon | Sell | -0.84R

If I had left the Stop Loss alone, I would have seen my profit target hit, and around a +1R profit for these trades.

10:07

M1 failed FibCon | Sell | -0.84R

The first trade got caught out by a spike in price, but I felt the the setup was good and warranted another try, now that price had tested the level.

For the second trade, I moved the Stop Loss to break even after price broke down through the H1 EQZ.

Tue 12 Mar 19

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<< Mon 11 Mar

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Wed 13 Mar >>

11:15

M1 failed SUPCON | Buy | -1.05R

I should not have taken this trade, as it went against my trading rules, not conforming to an ABC setup.

However, I liked the look of the SUPCON, with confluence of:

  • D1 Bull Channel
  • D1 Bear Channel midline
  • H1 EQZ

The mistake I made here was to not give attention to the 11500 level just below this SUPCON, which the market would probably use as a target.

I should have let price test this level first, then buy on the way back if the trade still looked good!

09:25

UPDATE: M1 FibCon/5min MAB | Sell

A sell trade with a generous Stop Loss, and Profit Target at PM High would have worked out well here!

If you were confident with the Key Structure resisting price, a closer Stop Loss would have seen even bigger profits.

09:05

M1 FibCon/5min MAB | Sell

A lovely looking setup here. A clear impulsive move after a drop in price from the High at 8am. Retracement to the confluence of:

  • H1 Bear Channel midline
  • 5min ema
  • H1 EQZ midline
  • M5 EQZ midline
  • GZ 61.8

I wasn’t at the computer as this formed, so wasn’t ready to take this trade. The only problem that I would have against taking this, would be that price is coming up off the D1 EQZ midline and PM High, and yesterday I predicted that price would be moving up to the top of the D1 EQZ, therefore look for Buy not Sell trades.

However, if this were to happen, I would expect at least a double bottom at the PM High and D1 EQZ midline levels, so selling back down to them could have worked out, especially with such a clean setup and good confluence of key structure.

 

 

Mon 11 Mar 19

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<< Fri 08 Mar

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Tue 12 Mar >>

16:34

M1 ‘almost’ 5min MAB | Buy

Price did not push as far into the GZ as I wanted to get the best value on this trade.

I should have paid more attention to the Role Reversal candles to the left, as a keyzone drawn from the wicks of these candles would have suggested a better entry point for this trade.

This would have been a better trade than those that I took earlier in the day, as explained below, as it was a buy trade. However, with price retracing from the D1 EQZ midline it might not have been best to Buy back up into the Key Level, even though it would have worked out this time.

H4 Ranging between D1 EQZ

This screenshot from the H4 timeframe shows why the previous trades shouldn’t have been taken. At the end of last week, price had found a low at the bottom of the D1 EQZ, and had began moving up into the zone.

Therefore, I should have been looking for Buy trades and not taking a Sell!

Is this the beginning of a higher timeframe range within the D1 EQZ?

Tomorrow I anticipate looking for Buy trades up to the top of the D1 EQZ, depending on where price moves this evening/early tomorrow morning.

If price is able to break the top of the D1 EQZ and PW High, I will be keeping an eye on the Monthly ema as it comes into play.

10:32

M1 failed 15min MAB | Sell | -2.18R

I had convinced myself that this was a good trade, with the confluence of the 15min ema and Yes. Close within the Golden Zones of a few Fib levels.

I felt I was unlucky to be taken out by the spike in price in the first trade, and that price had tested the 61.8 level taken from a candle near the D1 Bull Channel, and so I entered the another trade at almost the same levels.

This proved to be a bad decision!

Thu 07 Mar 19

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<< Wed 06 Mar

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Fri 08 Mar >>

14:02

M1 failed 1min MAB | Sell | -1.00R

I came very close to getting a hattrick with this one!

JUST stopped out, before price moving in the direction I predicted, and hitting my 2R target just above Yes. Close.

13:54

M1 1hour MAB Lo-Hi GZ FibCon | Buy | +3.17R

I managed to get a great entry for this trade, and I’d been waiting patiently for it.

Price spiked down through the Open, Yes. High, PM High, the 15min and 1hour emas, and I hit CTRL+E, catching price right at the turning point!

I drew up the Inner-Fib GZ, and placed my profit target at around 4R, just below the 50% Fib level. However, price bounced off the 4hour ema, and I felt happy with the +3R that price was sitting at, so I closed the trade.

I could’ve held out for +4R or +5R, however I’m happy I made the decision to close out for the 3R profit.

13:50

M1 1min MAB | Sell | +2.08R

Price had already tested the H1 EQZ midline and risen back up near the high, so as it broke the 11600 line for the second time, I felt that this was the time for price to move down into the higher timeframe GZ, around the Open, Yes. High, Yes. Close and PM High.

I sold the micro M1 MAB with my Stop Loss above 11600 and my Profit Target well within touching distance, even if price couldn’t break the H1 EQZ midline fot the second time.

13:45

H1 Price spike after touch of 61.8 level and H1 EQZ

10:28

M1 FibCons and Micro-FibCon | Buy

This screenshot shots the interaction with the H4 61.8 Fib level, pip-perfect at 11514.3 and creating the Low of the day.

I then anticipate price to start climbing, and marked out some potential buy FibCon and Micro-FibCon trades.

09:52

H4 Interaction with 61.8 Fib level

Tue 05 Mar 19

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<< Mon 04 Mar

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Wed 06 Mar >>

An awful day’s trading, trying to convince myself that I had found the low and price would soon turn around!

I want to make excuses, and say that this is a result of me trying to get back into the swing of trading after a few weeks away from the charts, but even so, these are trades I shouldn’t be considering. In my best run of form in the last quarter of last year, I was patient, passing on set ups unless they looked perfect and therefore making few, but quality trades. This is the mindset I need to get myself back into!

On the upside, I did manage to scrape back some of the losses with a +3.13R winner at the end of the day.

09:20

Morning Thoughts

At the end of yesterdays session/ beginning of today, price seems to have been held and turned within the GZ, and at the confluence of the D1 EQZ midline and D1 Bear Channel midline.

Therefore, I think I will be looking at taking buy trades today, unless price action tells me otherwise!

Mon 04 Mar 19

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<< Fri 01 Mar

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Tue 05 Mar >>

11:42

M1 failed 15min MAB | Sell | -1.00R

I was close to taking the FibCon when price first entered the GZ and almost touched the D1 Bull Channel midline at 10:34, after coming up from the 11600 level.

I did not take this trade as price did not reach the level I wanted for entry, with a touch of the D1 Bull Channel midline. This may have been too fussy, and I should have taken the trade at the level it reached, selling as price moved back down to the 11600 level.

As price came back up to the same zone, this time the 15min ema was in play, and so I sold with a Profit Target just above the H1 Bear Channel. Yes. Close resisted price a couple of times, and I thought that my Stop Loss above the 1hour ema would be giving price enough space for movement, but this proved to be wrong.

The reason I went for this sell trade was due to my feeling that price would be looking to drop down to the 4hour ema around the H1 EQZ midline.

However, looking at the price action, I can see a double bottom at the 11600 level, and this may turn out to be the reason why I should not have been selling in this situation.