Wasn't going to trade today but I couldn't help myself on this one. Confluence was too compelling IMO. Laying fibs on the Daily uptrend from last month, we see a daily level lining up with the 0.618 Fib. This level has also collected quite a few swing points on the hourly chart, which means liquidity was building up underneath this level for some time. We've managed to run the liquidity (black box) and actually had a Bullish Engulfing (arrow) take us out of that zone. The engulfing printed at 5am but I did not notice it as I was viewing the market from my phone. I entered now that I came and sat at my desk. Happy Thanksgiving everyone, let's get this bread.
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Also note we've broken through the low of yesterday's inside day and last week's inside week. Added confluence to pre-empt an upwards move and fail those inside candles.
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Overshot on target isolation here. This trade should have had its target at the first trouble area depicted and if I'd been paying attention at around 5am today I'd have closed on the basis of evolving R. At this point we've traded passed the low of the engulfing. Funny how all it took was one candle to take this from decent profits to being about .5R in the red. Gonna see if we close passed the low of the engulfing. At that point, I will cut this trade out for a loss.
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Closed this out at -0.26R
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Sure enough, AU is melting down after this close. The manual close on this trade mentioned above is correlated to the EU trade I've posted immediately after this one. Go take a look for reasoning behind the timing on the close here.
Lesson on this one is to not expect so much from the market. Take what you can get and be conservative when picking targets. The idea was fine, this trade went into profit for some time. My failure here was target isolation and then trade management.
Lesson on this one is to not expect so much from the market. Take what you can get and be conservative when picking targets. The idea was fine, this trade went into profit for some time. My failure here was target isolation and then trade management.