This was an early attempt at trying to time entries on a lower timeframe.
I knew that price was touching the lower trendline and found a very nice pinbar on the 1h chart. Because the pinbar was slightly below where I had drawn my trendline, and there was also some horizontal resistance at 0.7535 so I set an order entry slightly above resistance at 0.7537.
I needn't have bothered being so conservative as price shot off and I could have doubled my R/R, but this was more a training exercise to learn from. Price quickly hit trendline resistance at 0.7600 and pulled back. I did't realise but I actually put my TP at 0.7600 and the position closed unexpectedly.
So I decided to re-enter on a pullback with an order entry at 0.7580 as this area had 3 levels of confluence... a 50% retrace of the previous move, was previous SR level of the previous swing-high, and was also had a daily trendline running through that area. I set the SL set below the recent 1h swing-low at 0.7555. The trade was triggered with absolute precision. However because I'm not used to this type of trade, I lost my nerve a bit and decided to close out the position at BE. Unfortunate because the trade continued as planned perfectly.
At time of writing, I'm considering a 3rd position at the next pullback. This is more risky now as the move is already well underway, however there is still major trendline support at 0.7595 as well as the support from the daily 21 EMA (red dashed line).
I knew that price was touching the lower trendline and found a very nice pinbar on the 1h chart. Because the pinbar was slightly below where I had drawn my trendline, and there was also some horizontal resistance at 0.7535 so I set an order entry slightly above resistance at 0.7537.
I needn't have bothered being so conservative as price shot off and I could have doubled my R/R, but this was more a training exercise to learn from. Price quickly hit trendline resistance at 0.7600 and pulled back. I did't realise but I actually put my TP at 0.7600 and the position closed unexpectedly.
So I decided to re-enter on a pullback with an order entry at 0.7580 as this area had 3 levels of confluence... a 50% retrace of the previous move, was previous SR level of the previous swing-high, and was also had a daily trendline running through that area. I set the SL set below the recent 1h swing-low at 0.7555. The trade was triggered with absolute precision. However because I'm not used to this type of trade, I lost my nerve a bit and decided to close out the position at BE. Unfortunate because the trade continued as planned perfectly.
At time of writing, I'm considering a 3rd position at the next pullback. This is more risky now as the move is already well underway, however there is still major trendline support at 0.7595 as well as the support from the daily 21 EMA (red dashed line).
