Yeah, I panicked and took profit. On my defense, it seems like the Hourly Bull channel and the mid-bear channel are solid, so I didn’t want to turn a +1.4R trade at it highest to a loser.
Price is still below the price I closed the trade so I guess I took a good decision.
Mr. Phi always said that the first M1 MAB after a big bull spike is usually good opportunity to buy, and this time it came with the 11580.4 level acting as support and (before the trade) a dream of a Head & Shoulders forming, being “LS” left shoulder, “H” head and “RS” right shoulder.
I knew I wasn’t looking for a 2R trade so I took profit near 1R. Also, my entry ended up not being as planned because price moved fast when I hit Ctrl+E to open the trade, pushing my entry level further up and my 2R way up than I originally planned. For those reasons I was happy to take profit near the 1R region and set a SellStop in case the H&S was in play.
Unfortunately, the M1 moving average drove price up and it still does!
PW High next stop?
As soon as London opened price went up aggressively. Even though I took the screenshot withouth the FibTool marking the GZ, the M15 Moving Average was right on the 61.8 level, confluent with the Bear Hourly Channel which made it even more interesting.
Conscious of the first 15 minutes after the London open volatility, I kept my stop loss tight in case price decided to go up. It did and I had a breakeven trade, quite happy with the outcome.
Great M1 MAB Buy trade!!
I missed this one but well reasoned out, on this occasion the 2R would have come in.
The only thing I would have done differently in this trade is to put the Profit Target underneath the RESCON. I would have panicked and exited the trade when you did also!
You had a good wide Stop Loss, so you could have still been in this trade, and there’s a chance it will move up again soon to break the RESCON, but I’m not sure how probably that is.
How long is price going to hang around at this level before pushing up to PW High?