I got drawn into this, when I shouldn’t have really been trading. I liked the impulsive Bull move and the Higher High, but things are choppy and I should have left this alone.
Potential 2R trade. I didn’t enter the market as I don’t like how rangey and choppy price has been this afternoon.
I wanted a stronger move through the D1 Bull Channel, where I decided I would then move my Stop Loss to break even. The Bullish candles after the touch of the Bull Channel made me feel uncomfortable and I looked for an exit.
I should have taken the 5min MAB that formed, especially as I was watching it, and wary that price would target it. I think I was just relieved to be out of what I saw as I losing trade, and didn’t get my focus back quickly enough to get a good entry of the 5min MAB.
I closed this one out due to impatience, when I should have left it and let it achieve the +2R target.
Potential +2R with this trade. I saw the setup, liked where the GZ sat at Yes. High and the top of the M5 EQZ, but thought there might be a deeper move to the D1 Bull Channel so didn’t enter the trade.
Had I not closed out on the last trade, I would have easily brought in my +2R target and then some if I’d been more ambitious with the Profit Target!
I entered the market at the Supporting Confluence of the:
- D1 EQZ
- D1 Bear Channel
- H1 Bull Channel
- 11400 level
- H1 EQZ
- Open
I had drawn up the Inner-FibCon and this would have helped me to achieve +1R, however I held onto the trade believing it would push higher after coming off the support levels.
Price came down off the D1 Bull Channel stronger than expected, and I quickly closed out for +0.14R.
I should have trusted my instinct that price was going to move higher after the SupCon bounce.
Hi Joel,
I also passed on the M1+M5 MAB at Yes High, I also talked myself out of it like by reasoning price might want to move lower and test the D1 Bull Channel.
See my latest blog update.
That’s trading for you and so long as we are consistent and do not start breaking our rules when stuff like this happens we will succeed.
Also be encouraged how we’re clearly seeing the the same setups, this is due to marking up the A-B-C patterns. Keep at it 🙂
Even though we both passed on a good potential trade, I’m pleased at the consistency of our reasoning.
Those fast moves downwards (or against your trade) are the worst. They make you believe that the sky I falling and that if you don’t sell, you will be a fool for not seeing it!
I’ve been asking myself a lot how to deal with them and it’s not easy. You either respect your setup if you liked it a lot originally or you take a meaningful profit trailing your stop tight (I’d say +0.75R onwards) and you get ready to enter again if it goes to the support level to re-test it. Anyway, not easy!
Regarding the Daily MAB, it won’t come down further till tomorrow, so I don’t really know if there will be confluence of the 11545.9 level and the Daily MAB. The level I really like if price soars is the 11693.8, but I know I am asking a lot from the market to reach there today!
I think if I’d had half an hour to watch the market and get into the flow, I would have stuck with my Stop Loss. I’d only been watching for ten minutes before I entered the trade, and so wasn’t sure if I was reading things right.
You’re right about the Daily ema.
I don’t see price reaching 11693 today, but I’m not getting any clear signals about where price wants to go this morning. I’m not sure if thats brain fog on my end, or an indecisive market.
Twin trades! I am happy we got out on time!
Hi Guys,
Just got back home and am going back out but I’ve just taken a quick look at what’s happened and noticed you both took the same GZ M1Sell MAB at 10:02ish.
Structurally it was very good, it was the context that made it low probability.
However, note that price did start going down BUT guess what?
It reached the Golden Zone of the Inner-FIBCON then moved on up. It’s SO easy to see this afterwards, not easy in real-time BUT keep marking up the Outer-Inner A-B-C patterns as they form and asking:
“What’s the context?”, “Does this look good” and if it’s a range day/period “Where is price in the range?”, “Is it coming up from the bottom (SUPCON), or coming down from the top (RESCON)?”
https://blackboxsoftwaresolutions.com/wp-content/uploads/2018/10/dax30sb_M1_31oct2018_1205_xxxxxxxx_xxx_m1-inner-fibcon.gif