I had to go to the City for an hour but before leaving I spent some time trying to identify possible support/resistance areas that could give me some profit.
When I left price was hanging around the Daily Bull Channel(as I write it is still doing so). However, I left my trade tool in a place where I would take a trade if price got there.
When I returned, the screen shot above shows exactly how I found it. Price went right up, got to the Mid H1Bear Channel and, helped by the H1 moving average, had a fast retracement to the Daily Bull Channel. A quick +2R or more had I been at home at that time.
Anyway, happy to have identified that trade in advance, that’s definitely the way forward!
Yes, Anticipation is the way forward 🙂
We should never be re-acting to price as that often results in a spiral of emotional decisions!!!
When we anticipate we engage the reasoning processes of the mind, we allow time to talk ourselves out of a trade and we allow time to be honest with ourselves about how we feel about the trade.
I also spotted this H1 MAB Sell setup but that was after the event so well done for marking this up ahead of time 🙂
https://blackboxsoftwaresolutions.com/mon-3rd-sep/