The market never ceases to amaze me.
First, the failed M1 MAB. I liked the Bear Mid channel as a retracement level but it lasted seconds only. I would take this one again as I think that structurally was good.
Second, the buy @SUPCON. When I saw how price went down to give me my first loser, I loved it. I saw the chance to catch a bottom that was going to have that bear spike as one of the last attempts to go down before looking back up. So I bought at the Hourly Bull channel boundary and really liked what I did. I set my lock in profit levels and went away.
When I came back, price started to come down. I had my stop loss at the 1R level and I was about to move it to breakeven to give price more room! I am glad I left it there, otherwise I would have zero profit. It looks like the market needed to take price back to the Hourly channel before starting its way up! Let’s see where it takes it now!
Observing the charts I notice that there was some pressure being built to breake the 11484.4 level so I proposed myself to steal form the market as much as possible from this move, normally until it hits the first new resistance on the way up. Timing is everything in this trade, they are normally short trades (mine was 26secs) that offer 1R or 2R depending or your stop loss level.
Hi Alex,
We both took the M1 Buy MAB at 11468, there was good confluence, structurally it was good.
The last few sessions have been ranging which has meant that whilst setups have been structurally good the context has caused some of them to be lower probability.
The important question is:
Do they qualify to be included in those taken where you only need to be right 50% of the time when averaging 2R+ trades.
If the answer is Yes then we must continue to take them and execute them in a consistent manner.
Well done on the other trades, well reasoned out….
Well done for making back the loss from the failed 1min MAB, with the SUPCON trade.
We got the same entry on that failed MAB, my stop was a little wider.
I’m eyeing up the 1hour MAB now in the Hi-Lo GZ!