First and last trade of the day. I really liked the setup for this trade, but a quick bullish move took me out for -1.34R!
I picked this out on the M15 timeframe. A bearish move to create a Lower Low and the day’s Low, with the 61 Fib retracement sitting inside the Hi-Lo GZ with the 15min ema.
Price has since moved down to hit my +2R target.
Is there something I missed that caused price to spike up to the 1hour ema, or is this just part of a ranging day?
Hi Joel, I’ve just seen your trade.
I came in from the garage just after 4pm to hear Elaine comment that she’s called a sell trade whilst looking at my charts. It turns out it was the one you took 🙂
Your anticipation and execution was excellent and should be taken again and again. The spike was just one of those things that happens and is why there’s never a dead cert.
But we deal in probabilties and this setup easily qualifies to be included in those taken when we go for 2R+ setups and 40%+ strike rate = a positive equity curve.
That was a juicy salmon, the 11516 level is a key role-reversal level/zone, this one was just able to spike above it.
Thanks Phil, it’s good to know Elaine was there picking this one out too!