I didn’t like the FIBCON supported by the M5 MAB. When price started to retrace I thought I missed it, but then price moved up really fast passed the M5 moving average and I went for it.
I was looking at the RR structure, visible on the M5/M15 charts. Even though price stayed for 2 minutes near my entry level, it suddenly went up towards the M15 moving average, finding support once again around the bottom of the 5M equidistant zone.
Given the strenght of the first leg up I should have anticipated that the trend wasn’t gonna end there. I had a chance to exit the trade and didn’t do it. I should probably have skipped this trade!
Great trade!!
In a progress towards managing my greed, I closed it at 2R, and I am happy about it!
PS: Price reached my original 5R level just now. I miss my greed. 🙂
I traded the same structure that I just missed, knowing that very often price re tests the same resistance before going lower.
It didn’t work exactly as planned, as price went further up to the M15 Moving Average. However, a nice MAB was in play and I managed to take a 0.94R profit. Could have left the trade alone, but my entry level wasn’t perfect, which means that any re-test would put me in loser territory. Therefore, when price reached the M1 moving average and bounced, I sold.
Price was below my 1R profit traget on my trade tool. I watched at the keyboard to get ready the Ctrl+E, watched back to the screen and… it was gone!!! 2 seconds to do the spike up and retrace!
What a nice movement! As I type, price rached my 2R level! Amazing…
Morning Alex!
Nope, no trades taken here yet. I was tempted by the 15min MAB in the Hi-Lo GZ, but things look a bit spiky at the moment so I’m just hanging fire for now until I see something I like…
You are on-fire lately so it sounds very well to wait for the best setups.
Hope we all have a good day!
This is a milestone moment, we all took the same winning trade 🙂