Another 5min MAB with at least +1R on the table. Had I taken this, I would have probably closed out before the 11300 level.
Sat there with the trade tool, but didn’t take the trade as it just did not feel right.
There wasn’t a good place to put my SL without it being far away from the entry, and I didn’t feel the profit target was within a good range for +2R.
Marked it up as price found resistance at the bottom of the M5 EQZ. I was hoping for a touch of the 4hour ema before coming back down, and I was ready to sell down to the 5min ema. The 4hour MAB didn’t reach the level I wanted, but I was ready for the 5min MAB.
I found a good place for the Stop Loss, and I think I got a decent entry at the H1 EQZ border.
I was tempted by this, but did not take it as it would mean selling down into the 15min MAB. Possibly could’ve squeezed some profit it from it, but glad that I held off.
Time for some food now, I might be back in an hour or so for some more trading if my mind is clear and my attention up to scratch!
I chose greed at first, but as price started to turn I started feeling anxious, which is a good sign that I need to be out of the trade.
I think price has found its retracement level and will begin to turn now. The Low of the retracement was at 11:30, which may or may not be a notable candle.
I am happy with my entry and the way I managed this trade, although perhaps I should have taken the +2R the first time I had the opportunity and not let my greed get the better of me for ten minutes.
I sold into a trade at the RESCON, and it is currently hanging around the 5min ema.
My greed is telling me to look for a move down to the H1 EQZ midline.
My sensible side is telling me to take profits at the 5min ema in case of a 5min MAB.
If only I had been more patient and managed my emotions better, I would have acheived the +2R target of this trade. Instead, I came away with a -0.40R loss.
Ten minutes of impatience and panic.
I was looking for a buy trade, knowing that price was on its way up to the RESCON.
The first trade (below, 09:15) was a bad trade, and I took it because I was impatient and worried that price would continue rising without much retracement. Would Not Take Again.
The second trade (above, 09:22) was a better trade, with the Hourly Bull and Bear Channels as support between my entry and Stop Loss. However, as price dropped near the 1hour ema I panicked thinking price was headed for the 5min or 15min ema, and so I closed the trade for a -0.40R loss. Had I been more patient, I could have taken some profit from this trade.
I should not have taken either of these trades, and been more patient for the higher probability set-ups.
15 minutes on from noting that the price would be Bullish, and that I would be looking for buy trades, what do you think I did?
I sold at the 1hour ema, with the Hourly Bull and Bear Channels as resistance, and a profit target that was just above the 1min ema, as I was expecting a retracement to that level.
As I was looking for buy trades, I saw this late and entered the market without much planning. I am not suprised this lost.
I’ve also got an earlier 1min MAB marked up, which I missed because I was waiting for a deeper retracement to the 5min MAB.
It’s looking like we’re going to see a retracement in price today, and possibly the next few days. The Fib tool lines up with the previous SUPCON, and the 4hour ema is working it’s way down to meet price coming up.
There is also a Daily MAB in play, but I don’t think that’s something to worry about today.
I will wait to see how price start to move this morning, but I am expecting to take more buy trades today as the MAB sets itself up.
Sometimes I ask myself: should I set lock-in profit levels and just walk away from the trade?! Difficult to answer!
Great sell@RESCON Joel!!
Great M5 Buy MAB winner, me too 🙂 🙂
Thanks for that extra bit of confirmation that the set-up I had marked up looked good! Exactly what the Blog Alert is good for 🙂