As per my understanding its not possible to know if there is selling or buying pressure when a candle is being formed. If you wait for a candle formation to complete before entering, there are chances of missing the opportunity to enter (as the 1st candle went very close to your first target of 230). It is actually easy to make a narrative to fit the price action that already occurred.
Everything put together, this idea hit the SL and the explanation you gave recently is practically not tradable. Would like to know your views on this.
Gap up / gap down opening and buying / shorting straight away is a NO NO ! As far as the analysis goes , i dont see anything wrong in it .
The ideal long trade in this case is once price crosses high of the third candle. Entering the trade before the formation of a candle is where the traders get rekt .
But the analysis was published when the price was at 225.40. And the price opened with a gap up of 227.15. Hence the entry of "Buy above 228 " should not be impacted by the gap up opening. I would have considered your point if the gap up was above 228.
You need to re-consider your statement - "Entering the trade before the formation of a candle is where the traders get rekt " as this is a paradox. Any candle is in the process of formation at any given point across different time frames. a 15 min candle close could be still in the formation on 1H candle or a 1D candle could be still in the formation on weekly candle on a mid week! Hence waiting for the individual formation of candle (not to be confused with charting patterns) to complete would lead to many missed opportunities.
Trading rules and strategies must be something that should be unambiguous, can we written clearly, and should have the ability to be applied across different markets and timeframes. Else it will only personal opinion. And trading based on opinion is not wise.That's my view.