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.
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Price has still not moved much yet.
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.
Trade closed: stop reached
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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.
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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.