Saturday 4 February 2017 @ 0240
On the 4H timeframe with what seems like a prolonged downtrend. On all of the swing highs, there is a clear price rejection with the candlestick. No different from the last one, a bearish engulfing forming after hitting the downward trend line and previous support turning into resistance.
Enter first thing on Monday.
Entered at market when it opened with stop loss about 2ATR from entry price, above the corrective swing high.
Following the trend. Although entry might be considered late. Potential 2.6R trade, risk at 1% of capital.
Psychology and emotions – Neutral. Haven’t slept the whole night due to messed up body clock. It’s 5 am on a Monday morning.
Entry: 0.99143 | Stop loss: 0.995 | Target Profit: 0.982
Is that a triangle forming in anticipation of a break downside? Should I add another stop order?
Stopped out. Read trades review. Yes entry might have been a bit late and a bit forced. Stop loss might have also been too tight especially if price sees further downside. Structure of downtrend is still intact and it’s still very possible the market goes in intended direction. However, trade has been taken out by normal price movements.
Perhaps stop loss should have been above the major swing high so that if you’re stopped out you’re really wrong and structure of the trend has been broken.