1 trades taken.
0 winners, 1 loser, 0 break even.
A FIBCON, an M1 MAB and an M5 MAB as price has fallen from the Open.
Price made a High yesterday and became bearish, to the pip of the 76.4 fib level.
This is in confluence with the zone I picked out on Monday, between the 76.4 and 78.6 fib levels, drawn from the W1 ABC set up. You can see those levels in this screenshot to the left.
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.
2 trades taken.
0 winners, 0 losers, 2 break even.
Due to the double bottom at Point B, and confluence with an Open-High GZ and the 1hour ema, I was too nervous to give this trade space to move, and moved my Stop Loss to breakeven earlier than I should have done.
There was 1R to be had from this trade, and maybe I should have closed out at the M5 MAB, but I had moved my Stop Loss to breakeven early on and was willing to see if it got any lower.
2 trades taken.
0 winners, 2 losers, 0 break even.
WNTA Losers: 1
I shouldn’t be taking Sell trades at the Lows! Low Probability, WNTA.
The M30 screenshot taken after the fact, giving higher timeframe context with a 5-Wick Reversal pattern, showing why I should not have been taking the Sell trade.
A bit unlucky with the price spike, as price eventually went in my direction and would have hit my 2R target. WTA
1 trades taken.
1 winner, 0 losers, 0 break even.
Another trade missed as I was waiting for the deeper pullback into the GZ taken from the Open to the top of the move.
The GZ that ended up playing out was taken from the 12300 level, marked with the ABC.
I was sat waiting for price to reach the 5min ema before entering the trade, but a smaller FIBCON set up was in play, shown by the ABC markup, with the fib drawn between two KS levels.
Closed early due to the inner-Fib shown in the screenshot. I was wary that after coming down from Yes. High that price would be bearish and might not get past the 1min ema.
4 trades taken.
2 winners, 1 losers, 1 break even.
WNTA Losers: 1
Decided to call it a day after my last trade, as I could see some bad decisions creeping in.
Perhaps I should have stuck around a bit longer though, as there were two great chances for Sell trades as price sold off from the 12429 level as predicted. This is confluent with the 61.8 of a fib drawn on the D1 timeframe.
I got a bit carried away with this one, shouldn’t have been anywhere near a trade! No confluence with the 1min ema or a key structure level, choppy price, WNTA.
My profit target was set just underneath the 12411 level, but I should have probably taken the 2R that price reached, as price was starting to slow, and 2pm was approaching. I moved my Stop Loss to just under the 12392 level at +1R, which got hit at 14:00.
The gap up showed some strong Bullish momentum and so I entered a Buy trade at the pullback.
I took profits earlier than I would have really liked, as I can see price making a go for the 12429 level, however I wanted to bank that profit!
I deemed the latest M1 MAB as low probability as it occured at the session High and a possible Top of Range.
2 trades taken.
0 winners, 2 losers, 0 break even.
WNTA Losers: 2
This trade was driven by the emotions of the last trade. WNTA
Entry was too early for this trade, I should have waited for more of a signal that price was reversing. WNTA
The screenshot for the next trade at 10:21am shows that price eventually dropped as I had anticipated.
2 trades taken.
1 winner, 1 loser, 0 break even.
5 trades taken.
1 winner, 4 losers, 0 break even.
All of todays trades were based in emotion; frustration and impatience.
A morning of good market read but no trades, I was left frustrated with the chances I had marked up but missed. I took a break over lunch, and should have stepped away then and there. Instead, I came back for the afternoon session intent to get into some kind of trade, any trade, and began looking for things that weren’t there. The first bad trade losing led me to want to get into another one to make the money back and so started the spiral!
This was a trade taken out of impatience and frustration that I had passed on or missed so many opportunities today.
I’m not sure which direction the market is going to push with these MABs, so I sat out of both of them.
I just passed on a potential REVFIB Buy trade, due to low probability.
A 5-Wick Reversal pattern was present on the M5 timeframe, and the top of the Hi-Lo GZ looked like a good target for price to retrace to (based on a higher timeframe H1 ABC), as it had acted as Support back on the 4 June. However, no Higher-High was present and there was resistance at the 12226 KS level shown by the wicky candles.
Price moved down and interacted with the Fib GZ, however couldn’t break through the 12226 KS level and price has since fallen through where I might have placed my Stop Loss.
Price might still find Support between the H4 midline 12182 and KS 12176 levels, and the D1 midline 12135 and KS 12134, as this zone is curently holding price well, however I’ll probably wait for a more significant break of the KS 12226 level before thinking about entering a Buy trade.
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.
