Analysis
is the correction over? is the structure complete? start of next motive wave?
On a very long term sideways move within a range on the weekly; market making 3 waves patterns. A and B could have been completed with these two waves, a possible zigzag in the making. First five sequence and 3 corrective waves all fit the guidelines and Fibonacci ratios. ABC correction is likely to be completed, Fibonacci level reached + price action confirmation.
Entry Strategy
lower timeframe trigger // mini flag confirmation // established trend continuation
After the downward impulse, price lost momentum and traded in the above downward channel making divergences with all the swing lows. Price finally broke out and retested its break out point. Entry on lower timeframe trigger (staircase).
Could have been a little bit more patient with the entry to get a better price. Or placed the limit order lower with less FOMO.
Management
If 3 wave completes and plays out, shift to breakeven
If market takes trade out after breakeven, enter again if setup/idea is still valid
Exit
Closed at breakeven as price made this sell setup.
Mr Martian Trade Journal 