The chance for the 15min MAB came around again, and I took it again. This time it played out as expected. I had my Profit Target just inside the Inner-FibCon GZ and just above the 11259 level.
After doing well not to have any losses getting drawn into the 1min and 5min MABs, I felt that this 15min MAB was the one to be taking. There was confluence between the 61 Fib level and the H1 Bear Channel, and a roughly drawn short-term keyzone seemed to be in play, however the market had other ideas!
I got a decent entry, and marked up the Inner-FibCon, with my 2R above the 61 Fib level, but price turned at the D1 EQZ midline and I exited the trade with a minor profit.
Came back to my computer at half past one, and saw this 1min MAB just as it was touching the 1min ema.
I entered a sell trade, but then quickly second-guessed myself and closed the trade as I felt I needed to give myself more time to read the price action before getting into a trade, and there looked to by higher timeframe MABs forming.
Just as I closed the trade, the long bear candle formed, but I am happy with the reasoning behind closing the trade, and shouldn’t be entering trades without first monitoring the different timeframes.
Trust in the Inner-FibCon would’ve brought me in +1.7-2R, however I stand by my reasoning to exit the trade when I did.
At first I had my Profit Target just inside the Inner-FibCon GZ, underneath the 4hour ema.
When price stalled at the 11300 level, previous price action showed an area of Role Reversal, and so I closed the trade for a +1.06R profit.
I’m please with my decisiveness in these last two trades, the markup and management of the trade when I felt it was time to exit the market.
I also overcame my negative emotions at the beginning of the day and am now in profit, which is an important step for me where I would usually let the losses effect my later trades.
The wicky and uncertain candles leading up to the 12:00 candle made me think that there was a chance of price turning. I was tempted by a trade with a tight stop at the M5 EQZ border (11310.1) which was also the 50% FibCon level.
I was patient and held off taking the trade, but was interested in the price action that occured at the turn of the hour.
You can see here that I had entered into an M15 MAB trade, and had been marking up the Inner-FibCons.
SUPCON between:
- Yes. Close
- Open
- D1 EQZ midline (11251.0)
- H1 EQZ (11261.5)
- H4 Key Structure (11259.4)
- M5 EQZ (11257.2)
I also made a note of movement with bbqtrader’s trade idea in mind, which he mentioned yesterday. Marked by the black line just above the D1 EQZ midline.
Is this essentially an inverse head and shoulders?
I’ve been expecting a move up to the Daily ema, with the GZ being a good Role Reversal zone, but with each rejection by the RESCON, it is looking more and more unlikely to happen.
This morning’s attempt at breaking the RESCON was slap bang in the intersection of the Daily Channels. This has seemed to have some effect, sending price down with strength, as shown in my previous blog entry at 08:25 today.
At the moment I’m unclear whether to be in a Bullish or Bearish mindset.
Price seems to be playing around the 11259 level, which has been drawn using the Weekly timeframe and then finessed on the H4 timeframe.
My head isn’t feeling clear this morning, and it’s showing in my first few trades – reckless and impatient.
The 5min MAB (08:06) was a case of me trying to be too clever. I had alrwady marked up the 15min MAB, and thought I might squeeze 1R out of a small retracement when price met the 5min ema. WNTA.
The 15min MAB (08:14), I had anticipated and marked up beforehand. A strong spike down in price meant my entry was very close to my Stop Loss.
I haven’t done my ‘morning thoughts’ yet today, which has perhaps led to this bad read in price action.
Time to sit back a while, gather myself and start again.
Great comeback! Well done!!
Well done Joel!!
We both had the same M15 MAB entry, you had the wider stop.
A great sell setup, just wished I’d not moved my stop so early.
Bouncing back from a poor start is key. The only way to do this is to make sure we follow the process by anticipating the setup and take the trade if it plays out as planned.
That’s all we can do win or lose…..