I ended up unintentionally in two trades here, looking for the hourly MAB, confluent with Yes. High and the Low-High GZ. This needed a slightly wider stop, something I find myself saying quite often, I should have learned by now.
Looking for the bounce off the 15min moving average, a bit unlucky, needed a wider stop.
I missed this one, as I was writing up my last trades, and making a cup of tea. Stupid really, but perhaps I needed to stop anyway, after the 3 losses.
The blue line shows where I had my TP for both trades. The 15min MA was below the bear channel.
For the first trade, I should not have been so greedy, and taken 2R profits just above the M5 EQZ. For the second trade, I doubled down on the belief that price would push down to meet the 15min MA at the M5 EQZ midline. I think this was because I was annoyed that I had missed the earlier trade and wanted to make back the profits I could have had.
I’m annoyed at myself for missing this one, as I was sat waiting patiently with fingers at the ready. I was waiting for a literal touch of the 1min moving average, which never came, and then I hesitated just hoping that it would push those few pips higher. A bad decision.
You can see I’ve also just taken another trade at the Daily bear channel midline.
The biggest mistake here was probably taking a sell trade when only 30 minutes ago I predicted a bullish trend for the day, followed closely by knowingly ignoring the 5min MAB.
I was anticipating a move down towards Yes. High, where there were signs of confluence between the Low-High GZ, the 15min and 1hour moving averages. I believed the daily bull channel and 5min bear channel would be sufficient resistance.
It looks like it’s going to be a bullish day with price moving up toward the golden zone, and a possible Daily/Monthly MAB setting up. Is it going to break through PM Low and the Daily EQZ midline?