Right after my last trade closed, I wanted to squeeze as much profit as possible from the bull move. What I didn’t know is that the bull move was over for a while! Gave back half an R from my profit but it was a conscious decision.
As you can see, I actually locked in profit but then thought of adding an extra layer of support by leaving my stop loss below the 11741.2 level. It didn’t work but it reduced my risk to half the original size.
That was my last trade of a long and stressful day!
The market was in bullish mode and I was resurrected by my last winner, so after seeing how the M5 MAB was in play, I entered teh trade a bit late but with some form of confirmation that price was going after the 11741.2 level that proved to be strong to break during the session.
I had moved my take profit level to the Bull channel, but also locked in profit once the trade went more than 2R on my favor, a wise deicision if you look at what happend the minute after my trade was closed.
Messy chart, quite a lot of drama but good result at the end. It is much less complicated than it looks. None of the trades happened at the same time; I was always stopped at breakeven before entering the next trade. Let me explain this M15 chart:
– 1st trade(+0.02R) : Bought at RESCON after I saw that it held price above 11708, placing my stop loss below the 11693.8 level. I was almost stopped out but it turned out positive and reached 1R aprox at the highest point. At that moment I placed my stop loss at a breakeven level.
-2nd trade (-0.11R) & 3rd trade (+0.04R): I thought price wasn’t going to come back down, but it is normal to see retracements before going further up. What I did in this and the next trade was improve my entry level by buying at a lower level with the same or similar stop loss, as I was confident that the market would move up. Well, I was close to get 2R but you know what? Price tested once again the 11693.8 level. By then, 3 hours went by since my first trade and I was out of all of them, angry, tired and 2R down because of the early morning trades.
-4th trade: I didn’t feel it personal at that moment, but looking at the chart now it seems like price action was joking with me. After re testing the RESCON area, it came back up in a bullish move that I wanted to be part of: as soon as price broke upwards the 11708 level I entered a trade that was risky but it went well.
There is one trade missing in this chart, it was a sell trade in the middle of the drama that ended up being a quick loser for -1.15R even though I didn’t move my stop loss.
Conclusion: too much suffering for that reward. I could have taken 1R three times and be happy, but it is hard to know when to close trades that looked good!
And that is how my Wednesday started… Two losers thinking only about price going up, not expecting that bears would take over the market for a good part of the day.
The first trade, a FIBCON with the M1 and M5 moving averages below the entry level that didn’t work out. I don’t think it was a bad trade as price didn’t show any signs of bearishness since the start of the session. In my opinion, it could have worked our perfectly.
However, the second trade was a bad trade. Even though the Daily bear channel boundary held price since Yes Close till then, it wasn’t enough to see a buy trade there. It lasted one minute and took me out for -1.05R.