What can I say? Greedy maybe?
As I shared on my previous trade, I turned bullish after observing the market for a while.
When I saw price going below the M1 Moving Average, I thought that if it retraces quickly it might be a good buying opportunity, and it was! Price reached 1.9R, doubted for a bit (should have taken profit there) and then, as you can see to the left of where I put “GAP!”, the next candle opened below the previous’ closing price, which normally indicates that there is some bearish movement going on.
I thought I was covered by the M1 moving average but it didn’t last long as a support level, and I am glad I moved my stop loss to breakeven, otherwise it would have stopped me out to then go back up, this time above my 2R target level.
Take profits man!
I sat on my desk and saw price breaking up the 11700 level. I couldn’t resist and sold quickly!
However, I noticed that it was the first time since the market attempted to go above such level that the M1 moving average was on top of the 11693.8 level, price was already above the 4H moving average and the M5 moving average was close enough to offer support levels on the way up.
Therefore, as soon as price gave some room, I adjusted my stop loss as to me, the picture this time was bullish. It soon took me off for a breakeven trade.
Hey Alex,
Well done not racking up losses at the 11700 level, unlike me 🙂