Although this was a successful trade, I did not enter this simply because it did not fulfill the conditions of my trading plan.
Most things were spot on;
-Confirmed break of ascending trendline
-Retrace to the ascending trendline (although this was still a risk with the retrace being a large wick of a candle)
-The other levels within the fib had seen some respect
However personally I didn't see the MACD giving enough confirmation that the bullish momentum was fading. It also did not meet my minimum risk to reward of 3 or above. These condition was not met so I didnt touch it. Some people view this as a failure which encourages them to trade aggressively and with emotion. But its one of the greatest mindsets a trader should have. Emotional control and the discipline to trade to a plan. I'm not saying you should have similar views to me as above, but i believe having a plan and the discipline to stick to it is key.
Like and follow if you agree!
Most things were spot on;
-Confirmed break of ascending trendline
-Retrace to the ascending trendline (although this was still a risk with the retrace being a large wick of a candle)
-The other levels within the fib had seen some respect
However personally I didn't see the MACD giving enough confirmation that the bullish momentum was fading. It also did not meet my minimum risk to reward of 3 or above. These condition was not met so I didnt touch it. Some people view this as a failure which encourages them to trade aggressively and with emotion. But its one of the greatest mindsets a trader should have. Emotional control and the discipline to trade to a plan. I'm not saying you should have similar views to me as above, but i believe having a plan and the discipline to stick to it is key.
Like and follow if you agree!