ETH/USD perpetual quanto Short Setup
Entry: 197
Stop: 206.65
Target: 170.97
R:R: 2.7
Reason for Entry: Price has been consolidating at the green rectangle which should have acted as support and initiated an impulse move up by now (which did not happen even after 12 consecutive H4 candle closes). This indicates price wants to reach lower.
Trade management plan: I'll compound 2 more entries if we wick up
Stop: 206.65
Target: 170.97
R:R: 2.7
Reason for Entry: Price has been consolidating at the green rectangle which should have acted as support and initiated an impulse move up by now (which did not happen even after 12 consecutive H4 candle closes). This indicates price wants to reach lower.
Trade management plan: I'll compound 2 more entries if we wick up
Trade active
Note
If the recent low (184.20) breaks, I see open air till my target.Trade closed: stop reached
Stopped out. 4.9% Loss.In hindsight, consolidation at a level (be it support or resistance) is always a trouble sign hence I should have exited the trade at B/E or with small profit. A strict trading rule to carry forward and implement in future.
Note
Staying out till I see a clear direction.
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