This is not so much a prediction of where I believe price will reach next, but rather a reflection of a position I took from this morning's NY session.
I would like to note that at the beginning of this session, I was looking for potential shorts.
I ended up taking my first position on the 5 min at approx. 7am and was up about 30 pips.
Targets and exits are equally important as entries, so I began to ask myself where I felt price was going. (At this point, orders have been activated, profiting 30 ticks, but I have yet to determine true TPs) This is my next step.
As I look more and more into the area in which we are approaching, we take a look left, and notice a beautiful mitigation candle that printed on Weds NY session. Given it cleared liquidity the day before, and at that point in time, we were getting a reaction out of an order block within that mitigation candle (5min) / wick (15 min), I decided to close my order with 27.5 pips with the hopes of repositioning ourselves later in the session.
Approx. 7:30 am we witness the beautiful reaction play out of the candle we spoke about.
We then see a shift in direction. At 8am I notice the candles printing have closed higher than the 6:30am previous high, thus giving me another confirmation that we may see potential longs.
I entered my long at 8:17am and was in drawdown for about 15 min before I finally saw momentum shift and finally print bullish. As the day went on, I began to see price fluctuate in my direction, and it was 9am where I began to ask myself if I should manually close or hold to my TP. Ultimately, I decided to close at 51 pips in profit.
Takeaways from this morning
- Well executed positions.
- Good risk management and overall Technical analysis
Improvements
- If you have an open position, and you love the set up but have met your target; Consider scaling in so you can leave a runner and perhaps, close original entry.
- OR, simply close 50% of original position and let the rest ride to maximize your profits.
(I do want to admit, there is a fine line between greed and seeking maximum value. I must make sure I resist greed at all cost. I simply mention this to see if we can optimize P/L)
All in all, +2% today. On to the next!
I would like to note that at the beginning of this session, I was looking for potential shorts.
I ended up taking my first position on the 5 min at approx. 7am and was up about 30 pips.
Targets and exits are equally important as entries, so I began to ask myself where I felt price was going. (At this point, orders have been activated, profiting 30 ticks, but I have yet to determine true TPs) This is my next step.
As I look more and more into the area in which we are approaching, we take a look left, and notice a beautiful mitigation candle that printed on Weds NY session. Given it cleared liquidity the day before, and at that point in time, we were getting a reaction out of an order block within that mitigation candle (5min) / wick (15 min), I decided to close my order with 27.5 pips with the hopes of repositioning ourselves later in the session.
Approx. 7:30 am we witness the beautiful reaction play out of the candle we spoke about.
We then see a shift in direction. At 8am I notice the candles printing have closed higher than the 6:30am previous high, thus giving me another confirmation that we may see potential longs.
I entered my long at 8:17am and was in drawdown for about 15 min before I finally saw momentum shift and finally print bullish. As the day went on, I began to see price fluctuate in my direction, and it was 9am where I began to ask myself if I should manually close or hold to my TP. Ultimately, I decided to close at 51 pips in profit.
Takeaways from this morning
- Well executed positions.
- Good risk management and overall Technical analysis
Improvements
- If you have an open position, and you love the set up but have met your target; Consider scaling in so you can leave a runner and perhaps, close original entry.
- OR, simply close 50% of original position and let the rest ride to maximize your profits.
(I do want to admit, there is a fine line between greed and seeking maximum value. I must make sure I resist greed at all cost. I simply mention this to see if we can optimize P/L)
All in all, +2% today. On to the next!