2 trades taken. 1 win (16:29), 1 loss (09:24).
3 trades Anticipated but not taken. (08:43, 10:18, 16:19)
The loss at 09:24 was a Would Take Again trade. It has a good set-up and good confluence for the entry. The one thing wrong with trade was that I was buying up into a higher timeframe moving average in the 1hour ema.
The winner at 16:29 on another day might have hit the +2R target. The key short-term levels I defined for this trade played a big role, and ultimately I should have used these levels and settled for +1.5R profit when it was on the table. It was not because of greed that I held onto the trade as it has been in the past, but because I believed price had enough momentum to move up to my target. This ended up playing out as expected, however price made an unexpected bearish move first which could have taken out my Stop Loss for -1R if I had not moved it. In this instance, I believe moving my Stop Loss to breakeven was for the best, when price looked like it was going to reach my profit target.
The three trades I did not take were all passed over because price did not reach the zone that I had marked up for Entry. I believe this was a good choice as I should only be taking trades that fit the predefined ABC pattern I am looking for.
The market gave me another opportunity at entry, and I took it. An immediate turnaround of price saw me +1.5R in the green at one stage, right at the predefined Role-Reversal level. However, I was anticipating a move higher, up to the 15min ema and GZ, so I hung onto the trade, with my Stop now placed just above my entry at the 10423 level.
Moving the Stop could have been a very good, or very bad thing.
In the image below, you can see how price went on to interact with the defined Role-Reversal levels, which I used to place my Stop Loss (and should have used as my exit point).
Price touched the RR level, and this may have triggered my Stop Loss had I left it in place, as I had positioned it tight to the level. If my Stop Loss had not triggered, I would have netted +2R, and the rest, as price shot up through the H1 Channels, 15min ema and FibCon.
With very fine margins for the win or the loss, I think the break even I achieved with this trade was probably the fair result!
I SHOULD have exited the trade at the defined RR level and taken +1.5R when it was available.
Anticpated well in advance, looking for a FibCon at the 10423 level before moving up to meet the 15min ema in the GZ.
The middle Role-Reversal level held, meaning price did not make it into the GZ and no trade was taken.
I marked this trade up in advance, but was waiting for confluence with the 5min moving average before taking the trade. +2R would have been achieved within the Inner-Fib.
A good impulsive move to set the trade up, and retrace to an area with D1 EQZ and D1 Bear Channel in confluence. Stop place behind the 15min and 5min moving averages for support.
Perhaps I should have left this trade alone for the same reasons as the last one; risky trading up into the 1hour and 4hour ema.
I felt that buying up into the 1hour ema was risking after price had just bounced off it. I know there would be some support from the D1 Bull Channel, 5min ema and 10500 level, however price did not dip very deep into the GZ and so I left this trade unentered.
I drew the short term channel after the trade had passed. If I had had this in place, the extra level of confluence might have encouraged me to enter the trade, however I was still looking for a deeper push into the GZ, closer to the D1 Bull Channel.
Hi Joel!
Popped to see some trades! I’m liking the way you are entering trades, almost always at the best value! Don’t change that cause I am sure you will profit a lot from it! Keep it up!
All the best in 2019. I wish you a lot of Rs!