Although I was very happy with my entry level, I suffered too much for those +1.72R.
The DAX went all the way down to the 12135.7 level as anticipated by Mr. Phi here: https://blackboxsoftwaresolutions.com/fri-5th-oct/
I bought expecting a fast retracement but to be honest, after analysing how it got there, the downtrend wasn’t as aggressive as it could be, therefore the retracement I should have expected to be slower than usual. As the chart shows, price went towards my 2R profit target, it got really close but not enough to close my trade, and I ended up being caught up in a 1hr 21mins trade that hoovered near my entry level for almost 45 minutes. Too much suffering! I could have ended the trade manually near the top but somehow my greed was asking for more.. When price went back up, I wanted no more even though the worst of it had already happened…
Anyway, +1.99R overall, really good way to finish the week.
I started the day taking some risk. I felt that breaking the 12217.4 level was going to extend the downtred seen after the London open so I sold in two separate opportunities being aware of the risk involved by selling at a lower low or near it. That’s the reason why I locked in profit as soon as I had the chance and that is the reason why I ended up missing the downtrend that somehow felt it was coming!
I guess I should have accepted the possibility of loosing 1R and let the trade take its time!
Hi Alex,
A great end to the week, well done on the buy trade at the D1 EQZ Mid-line, these are not easy to trade and anything close to 2R is excellent 🙂