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Wed 20 Mar 19
End of Day | No trades taken
Today was cut short as I’m busy this afternoon, so I’ve ended the trading session at 11am. I didn’t take any trades this morning, though there were a couple of opportunities that could have been taken.
I sat back during the first hour or so after market Open, as price seemed indecisive, and I wasn’t sure whether price was going to rise back towards the D1 Bull Channel as I had predicted at the end of yesterdays trading day. I was waiting for a break of Key Structure before entering a trade.
What I considered the best opportunity came after price made a decisive bearish move through the D1 EQZ at 11693.8, consolidated for a time, and then made another impulsive move to the D1 Bear Channel. At this point I felt that price might be aiming for the H1 EQZ at 11644, which had previously acted as Support and had created Yes. Low. I ended up passing on this trade as it did not completely conform to the trading plan. If price had reached the GZ, D1 Bull Channel midpoint and 1min ema straight after creating the Lower Low at point B, I would have entered the trade.
I marked up this trade in advance, but passed on it after the second touch of the D1 Bear Channel after the Lower Low at point B.
The first retrace only reach the 50 Fib level which wasn’t good enough for the Entry that I wanted, and after that I felt that the trade wasn’t on plan.
Tue 19 Mar 19
End of Day | +2.12R
I’m pleased with how todays trading has gone. I waited patiently this morning to see a significant move in price above a previous level of resistance, and then took at trade at this level as price moved on up. There was opportunity for one or two more trades during the day, however I passed on these as I didn’t feel there was enough confluence of Key Structure to warrant a trade.
I felt in tune with the movement of price, and am pleased that I was not drawn into any bad trades. I hope to bring this feeling into tomorrows trading session!
This screenshot is a bit cluttered with the D1 Bull and Bear Channels, however you can clearly see the current position within the higher timeframe Golden Zone, close to the 61.8 Fib level.
Today there was a significant jump in price, moving through the D1 EQZ (11693.8), 11700 level, PW High and the H1 EQZ midline (11708) which had previously been resistive.
This is where I took my only trade of the day, as price moved up towards the Monthly ema, a target that I have been expecting price to move towards for a number of weeks.
In the above screenshot, I have labelled an area of RESCON with the Monthly ema at it’s centre. This includes:
- Monthly ema
- D1 EQZ midline
- D1 Bear Channel
- H1 EQZ midline
- H1 Bear Channel
- Fib Golden Zone (not in picture, 61.8 level at 11890.3)
I am expecting strong resistance when price reaches these levels, and then I will be looking to take Sell trades as price becomes bearish.
At the current moment, price has been resisted by the D1 Bull Channel. Tonight/ tomorrow could see price move back down into the H1 EQZ and towards the D1 EQZ boundary at 11693.8, but I am expecting price to test the D1 Bull Channel again soon.
Price broke the H1 EQZ midline at 11708, which had acted as Resistance in previous price action, with a clear impulsive move off the 11700 level creating a Higher High above the PW High.
Retracement came with a confluence of:
- H1 EQZ midline
- 1min ema
- GZ 61.8
- Role Reversal structure
I was unsure if Yes. High and PM High would Resist price, and considered moving my Profit Target just below PM High, however the set-up looked so clear that I decided to just let the trade play out.
This was a great ABC set-up, with clear interaction with key levels. I was ready and patiently waiting, got a good Entry, and did not tamper with the trade as it progressed, resulting in +2.12R.
Mon 18 Mar 19
End of Day | +1.20R
I had a shaky start this morning, but gradually got into the flow of the market as the day wore on.
Tomorrow I will look for a more clear move after 8am before taking a trade and make sure that price is making an impulsive move through a previous level of Support or Resistance. The first trade that failed should have been a warning to me not to take the second at the same level. The trade at 08:43 was a Would Not Take Again trade.
The potential trade at 10:52 was one that I should have taken, with a clear set up and good confluence Key Structure and Role Reversal within the GZ.
The two winners I had today I believe had good set-ups and good reasoning behind taking them.
The final trade of the day was a losing trade however the set-up on the M15 timeframe looked good so I would say that this is a Would Take Again trade. However, perhaps I should have been happy with the winning trade just before this, and been content that marking up the 15min MAB led to a +2R trade in it’s set-up. The set-up would have still produced a +2R trade, but I got greedy and wanted 4R from the move! The trade happened right at the end of the day, and this could have been a reason to let it pass.
Not long after the Buy trade up into the 15min MAB GZ, I entered another trade, this time Selling back down to the H1 EQZ at 11644.
There was Resistance at the 15min MAB, however it was not substantial enough to push price down to meet my Profit Target, which I had moved just inside the grey keyzone marking previous Support levels.
As price began to move downwards from my trade Entry at the 15min ema, perhaps I could have moved my Stop Loss to break even to prevent a loss, however I wanted to give the trade room to test the 15min ema for a second time and felt confident it would move back down towards the H1 EQZ. Obviously this did not happen!
As price started to rise from the Low, I identified a setup on the M15 timeframe for a 15min MAB. The GZ fell at a level of previous Support and Resistance, marked by the grey keyzone in the above screenshot just below the 11663.2 level.
As I was confident price was moving up into this zone, I took a Buy trade when a 1min MAB set-up formed and acheived +2.01R.
I passed on this trade as I wasn’t sure about selling back up into the D1 Bull and Bear Channels.
I am planning on waiting for price to make a move above the Channels before making a Buy trade, or making a significant move back towards the H1 EQZ and Selling down to the H1 EQZ.
Following the two Buy trade losses and the two Sell trades which I did not take, I was in Sell mode and jumped at this setup when I saw it form.
A good impulsive move down from the 11633.2 level after ranging for a while around the D1 Bear and D1 Bull midline, and retracement to a confluence of the 1min ema, intersection of M5 Channel midlines and Fib GZ, after creating a Lower Low.
I could see the H1 EQZ at 11644 as a potential target, and so made a Sell trade, with Profit Target at the Low.
Break of the D1 Bear Channel, retracement to the previous Support level, price turning at the 61.8 Fib level, with the 5min ema and 1hour ema in confluence nearby.
The intersection of the H1 Bull and Bear Channel midlines and presence of the 5min ema gave a good reason to take this trade. However, it would have meant selling down into the Supporting D1 Bear Channel.
After making a new High, I attempted the same trade again, but this time giving a wider Stop Loss. When price broke down through the D1 EQZ I tightened my Stop to cover myself, and got taken out for -0.35R.
Although there was a Higher High anf confluence with the D1 EQZ inside the GZ, this was a trade I shouldn’t have been taking, especially since the last one did not work out. I should have waited for price to make up it’s mind, and start moving in one direction before entering a trade.
After 8am, price started moving, and after what I thought was a good impulsive move off the Supporting Bull and Bear Channel midlines and up through the D1 EQZ and 11700 levels, I took a trade which didn’t work out.
In hindsight, the Higher High perhaps wasn’t the best in context, and the H1 EQZ midline had already proved to be Resistive in previous price action, so it was not a good idea buying up towards it.
Thu 14 Mar 19
I chose to pass on this trade, as I did not want to Sell down into the H1 EQZ midline and H1 Bull Channel.
Price has been in a range today, and I can’t see whether Sell or Buy trades are the best option, so I am trying to be cautious when it comes to entering a trade.
Here you can see a FibCon not long after price started moving at the 7am Open. There was confluence with PM High.
I have also marked up the possibility for a Daily Lo-Hi GZ trade, with the a possible confluence of:
- 15min ema
- H1 EQZ midline
- H1 Bull Channel