End of Day Review
+0.15R
I was put out of my misery quickly with this one, as price shot up through my stop loss, the Open and a key horizontal level to meet the 15min ema.
For the last half an hour or so I’ve been caught up in some low probability trades and paid the price, giving back two thirds of my profit from this mornings trade.
The arrow here shows the price spike which took me out of my previous trade, forming a FibCon before coming back up to meet the 5min ema.
As I had been waiting for the 5min MAB I entered a Sell trade, however as price had built up a lot of energy whilst at the level of resistance and was moving quickly, this may not have been the best idea.
My sights were set on an incoming 5min MAB, and so I traded a 1min MAB with the intention of price rising to meet the 5min ema. I kept my profit target below the 5min ema, and price got close, but could not break through a level of resistance before dropping to take me out of the trade.
As seen in the previous screenshot, my profit target was set at around 4R, just above the light blue key structure at 13207. After seeing some long wicks on the candles inside the Inner-Fib GZ, I closed the trade out for a +3.04R profit. I could have held my nerve a bit longer to squeeze a bit more out of the trade, but I’m happy with the 3R.
Price has since gone down through the 13207 key structure level, however I’m happy with my decision.
I’ve been in a 15min MAB trade for the last 30 minutes or so, and I’m having to hold my nerve as price is testing the 15min ema once again. I’m still confident of my read and believe that price will head down towards the Open once it gets past the obstacles of the moving averages below it.
As such, I’ve set my profit target just above a key structure level, at around 4R.
Here’s a potential 1min MAB trade that I missed in real time.
I’m liking the look of the 5min and 15min ema around the H1 EQZ midline and will be looking for a trade should price retrace to those levels.