I had been expecting this since the beginning of the day, so couldn’t talk myself out of taking it.
I was a bit impatient and could have waited for a better entry, but I’m happy with what I got.
I marked up the Inner-FibCon, and brought my Profit Target just below the D1 EQZ level at 11104. I was expecting price to push just that little bit higher and touch the 5min ema and/or the D1 EQZ, but it didn’t quite make it. This also meant I didn’t take the FibCon trade that presented itself.
I should have trusted the FibCon levels and based my Profit Target and my entry to a second trade on this level.
As price started to fall, I closed out the trade for an almost +1R profit.
This is so typical of my last few weeks. Missed a great trade through hesitation, then get drawn into a losing trade soon after, trying to be more decisive.
I was anticipating a move down to the support structure at Yesterday’s Low.
I did everything right here. Passed on two lower timeframe and lower probability trades, marked up the 15min MAB early and it was at the Hi-Lo GZ 61.8 level.
Once again I didn’t pull the trigger. I SHOULD be taking these trades.
I ended up passing on both of these set-ups, as I felt uncomfortable selling into the Support levels.
I am now looking at the 15min MAB at the Hi-Lo GZ.
Could this RESCON be coming into play again today, with another 4hour MAB?
As the Channels start to ‘split’ apart, the RESCON will become less resistive, however, and there is a Daily MAB in play, so I will have to be wary of price breaking through this resistance too easily.
A day of Bullish Buy trades on the forecast for today again I think!
(08:20) Update: A Bearish spike has just occurred, are we looking at a Double Bottom at Yes. Low forming?
Something that helped me to decide was how conservative I was on that trade. My stop loss was above the Open!
I said to myself: “if it doesn’t work, I give it plenty of room to retrace. If it works, I’ll keep a tight stop loss to secure at least 1R from it and make some profit”.
Maybe that helps pulling the trigger. I has given me confidence to trust the setups first. Then will come the time of perfecting the entry level + stop loss in order to maximise profit.
Hope it helps!
Every trade has to be anticipated before they can be taken so well done on the anticipation.
We all decided to wait for a ‘Value Entry’, mine was the M5 MAB, Alex took the M15 MAB+61.8 level of the current Golden High-Low zone.
When price is reversing off a major level like the D1 EQZ it can move strongly back up/down into the zone.
We all reasoned out the first value setup at 11670ish, well done us 🙂
I’ve just got back to my desk after an hours break to see Joel’s buy trade at Yes Low.
It was a great buy when you look-left on the M15 and H1 charts, well done!
But what’s really cool is the use of the A-B-C pattern to reason where to take profits and consider a sell trade at the 11100 level.
This last week has shown that so long as we mark up the A-B-C patterns in real-time, Outer followed by Inner, the Golden Zone (phi) will line up with existing Grid structure highlighting high probability setups .
I have this dream that we will evolve to the stage where we flow from one quality 2R+ setup to the next, neither bulls nor bears, just pure price action traders using the ‘Holy Grid’ to illuminate the path through the minefield of uncertainty 🙂