Price has reached a key level area and also has impulsively broken the corrective structure and came back to the pattern (i.e. Rising wedge).
What is more interesting is that it has formed a tight flat flag before continuing short.
Right now its forming a bigger flat flag and i am looking to enter short in this trade on the break of the pattern.
What is more interesting is that it has formed a tight flat flag before continuing short.
Right now its forming a bigger flat flag and i am looking to enter short in this trade on the break of the pattern.
Trade closed: stop reached:
Trade stopped at -0.5% of my total risked amount.
This was congruent with my trading plan. and its suggestive that market is evolving to a deeper structure. If I am presented again with another opportunity to enter. I will be happy to take it again as long as it fits my trading plan.
This was congruent with my trading plan. and its suggestive that market is evolving to a deeper structure. If I am presented again with another opportunity to enter. I will be happy to take it again as long as it fits my trading plan.
Comment:
This is a good example where the trade management comes of good help.
Just because i exited the trade for -0.5% of the risk instead of my total -1% risk. This has helped me with the psychology part as i have not lost much monetary wise.
This helps me move forward and look for other entry setups.
Just because i exited the trade for -0.5% of the risk instead of my total -1% risk. This has helped me with the psychology part as i have not lost much monetary wise.
This helps me move forward and look for other entry setups.
Nothing has changed pattern wise.
As per my trade management plan, if the price does not impulse away with in 3-4 hrs of been triggered in the trade then i will move my SL to -0.5% as its a sign that market is still evolving and i dont need to loss my complete 1% of my account.