Entered at the 15min ema, with M5 EQZ, 10900 level, 5min ema and 1hour ema as support for the Stop Loss.
Probably should have given move room for movement of price beneath the 1hour ema.
Wed 16 Jan 19
2 thoughts on “Wed 16 Jan 19”
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Hi Joel,
Been busy this morning and I’ve just logged on to see the charts and your post.
A decent setup which also had the 10900 level as confluence, as you note one of those that didn’t work out but qualified as a good enough setup to take where we only need a 50% strike rate!
Hi Joel,
What a lovely slightly unplanned hour of trading just after the US open 🙂
I came back to my desk after our visit from a mobile hair-dresser and saw that price finally broke up above the Open. I took a buy on the way up, not a great entry but made sure my stop was below the M1 MAB, it worked out.
Then I took a good look at the setup on the M15 and H1 charts to remind myself of the range where the top was aroud the 10950 level (D1 & H1 EQZ Mid-lines). I marked up the short-term zone and waited for a clear break below.
I so liked it when it happened I entered twice – as I was on demo – and it played out perfectly, I even squeezed a bit more out of the second trade for +2.58R on the way down to the M15 MAB.
This pattern I really like as in the past I’ve traded them well. After such a rusty start to the year this was exactly what I needed to get me focussed. I anticipated and reasoned it out well in advance and used the M5 chart to fine tune the sell zone, shown in the second screenshot.
Two of these patterns a week well traded is all we need 🙂 🙂
A high probability pattern in the context of price testing the top of a range.
The M15 Buy MAB has sent price back up to the top of the range for now.
M1
https://blackboxsoftwaresolutions.com/wp-content/uploads/2019/01/dax30sb_M1_16jan2019_1736_21642420_sell.gif
M5
https://blackboxsoftwaresolutions.com/wp-content/uploads/2019/01/dax30sb_M5_16jan2019_1805_xxxxxxxx_xxx_m5-keyzone.gif