Not according to objective strategy actually… A double bottom + triangle seemed like a fantastic set-up to go long or short. Buy and sell stop orders were placed with each of them being the stop loss for the other.
Buy stop order has been triggered. Post here as well.
1% of capital risked for 5.5R
Entry: 1.2534 | Stop loss: 1.237 | Target Profit: 1.345
Psychology and emotions – Just thought that the risk/reward ratio plus the coil in the market made it a set-up worth trading
Trade 13B Long entry stopped out. Short entry triggered.
1% of capital risked for 3.4R
Entry: 1.237 | Stop loss: 1.2534 | Target Profit: 1.18
Triangle considered to have broken towards the downside, supporting trend line broken. Resisting trend line, in agreement with the LT trend, still intact. Will look to trail stop loss with the ST trend line which will be adjusted accordingly with the swings.
Shifted stop loss to breakeven (at 1236 for a 10 point gain) as price has made a swing high, albeit a small one and trade has reached 1R.
Target profit has been shifted to 1.15
 Notice the price difference when using ProRealTime (lowest point 1.18) and TradingView (lowest point 1.2). Chart on broker CMC Markets shows lowest point at 1.2
Therefore, having a TP at 1.18 does not make sense as it is neither here nor there.
 If price breaks support level at 1.2, which could be likely, 1.15 could potentially be the next resistance point to exit on the dips. (note: no market structure to base on, selected level due to round number and Fibonacci confluence) This will better the initial R-performance.
 Watch closely when price approaches the 1.2 level. Will be a tricky situation when managing stop loss. Try to hold trailing stop at 2R.
At least worse case is a break even now. Might be harsh on the psychology however.
Stop loss shifted to 1.232
13/03/17Trailing stop shifted to 1.225 with ST trend line broken and price seemingly in a range, an extended pullback is more likely. Still giving the market a chance and buffer space to continue moving downward.
If TS triggered, look to reenter if price corrects back to triangle break out level or with the LT TL.
If TS not triggered, continue to manage accordingly.
Trailing stop triggered. Ended up with 0.74R.
Note: If swing trading could use a moving average (in this case the 20SMA) as a trend line or to confirm the trend line as it’s based on facts and definitely less subjective.
After Trade Review
Price continue to go in favoured direction. Trade was actually exited (bought) at the highs.
 ST MA was broken but LT MA still intact. Price was within the TAZ – position should’ve been added
 Trend lines are subjective, use a moving averages to confirm it
 Be decisive in the exit – Either at the break of ST MA or ST TL or give enough buffer for trade to pullback and continue. No middle ground.
Well, anything can happen. Doesn’t seem so bad after all does it. More volatility expected ahead.