Not a very clear set-up, a tight Stop Loss and a Fib tool that I had to force to fit the price action.
Entrywas at the D1 EQZ midline, with that and Yes. Close as resistance.
Confluence between the D1 EQZ midline, Yesterday’s Close,the 11550 level and the 1min ema.
I didn’t take the trade as price had fallen quite a way, to the bottom of the H1 EQZ, and I was expecting a deeper retracement towards the 5min ema.
I had a much longer than planned break for lunch, when I came back I realised I had just missed this set-up.
Price touched the 11600 level and dropped off quickly.
This trade was always going out on a limb, but a confluence of the short-term keyzone, 61.8 Fib level and presence of the 4hour and 15min ema convinced me that there might be something in this, with a move back down to the H1 Bear Channel.
I’m very happy with my management of this trade, as a strong bull candle told me that the set-up was gone, the period of uncertainty was over, and that Bulls had the upper hand.
I closed out for a small loss, just as price broke up to where my Stop Loss had been.
A significant impulsive move off the 11650 level down to Daily Bear Channel midpoint, retracement to the underside of the M5 EQZ.
I drew my Fib tool from the Lower Low to the H1 EQZ rather than the 11650 level where the move started, as although I’m taking note of how price interacts with these levels, I’m not yet confident to use them as key structure during set-ups.
Price is currently at the top of the Daily Bull Channel. Will it begin to move back down into the Daily Channel or push on up towards the Daily ema?
Good trade!
Good call on sell setups today!