I love this saying and it applies perfectly to what happened: “Once bitten, twice shy”.
I had 2R on my first trade, wanted it more = tiny loser that felt like a 2R loser.
I traded again, once price seemed to change its trend for the short term = +1.11R (as I type, price reached what it was my 3R level).
This is not the first time I type this, but I will wok for it to be the last one: Take 2R if the market generously gave it to you. Just take it and wait for another entry. Take it!
After leaving 2R on the table, I had to make sure I walk away with some profit for the day, otherwise the phsycological implications of losing again would be huge.
Correction: a minute after I typed that price was on my 3 level, no it is on what it was 4R. Now passed it. Ok, bye.
PS: Take profit.
Am I being too greedy?
It has potential to be a partial bottom, but it failed to go towards the Hourly Bull Channel.
I set to lock in profit in a level that didn’t reach for some pips and now is threatening to hit my stop loss placed at breakeven level.
Look at where I had my trade tool! I wanted price to go just a tiny bit higher to cover the spread otherwise it changes too much my 2R target level.
Is a FIBCON still in play or will market keep going up towards the PW Low level?
I’m in this trade too, but you got a far far better entry than I did.
I’m looking for price to head up and into the Hi-Lo GZ, or at the very least up to the 15min ema, but I think that’s a bit optimistic; my 2R level is at the H1 Bull Channel.
It was looking alright for a while there, but now I’ve just got my fingers crossed that the SUPCON holds and price starts going up again. Usually when I start ‘hoping’ it is a bad sign, and I’m expecting a loser. I’m not touching my stop and letting this play out.
Morning….
A late one last night so not trading today plus I’ve got to go out soon. However, I’ve just taken a look at the action so far to see a major break of the daily level@11397.9 down the D1 EQZ Mid-line@11251.0 + Major SUPCON.
Great entry on the buy trade@11251.0 but price has struggled to get back above the M1 MA.
Also, the retest of the 11397.9 level at 08:33 was a great GZ Sell FIBCON where point A is taken from the PW Low, you were SO close to taking it!!
https://blackboxsoftwaresolutions.com/wp-content/uploads/2018/10/dax30sb_M5_23oct2018_1040_xxxxxxxx_xxx_gz-sell-fibcon.gif