Took a call debit spread today in CSCO. Showed up one one of my TOS scanners this morning. This is what I saw:
Daily: Has been trending up, higher highs, lower lows. I also noticed the fractal formed on the 20th. My entry was below it but was looking for that cross.
1HR: More fractals formed along the $45.80 area. Also on the 26th and 27th there was a nice bottom with several pin bars and big bars moving up into today.
15 min: Today it opened with a move down. Felt this wasn't warranted and saw it as a buying opportunity.
Other thoughts:
-Maybe got in a little early; could have looked for the retest to enter.
-Moving forward Im looking out for big volume spikes to the upside. This demonstrates to me that Market Makers want to take it higher. Don't want to trade against them.
-Looking over my past trades my risk/reward ratio isn't great. Have been losing more than I make, so Imma let this one ride a little longer than I usually would.
-Watched a Bill Williams video recently talking fractals and not caring about daily P/L if your trading with the trend. Going to try to practice this.
Daily: Has been trending up, higher highs, lower lows. I also noticed the fractal formed on the 20th. My entry was below it but was looking for that cross.
1HR: More fractals formed along the $45.80 area. Also on the 26th and 27th there was a nice bottom with several pin bars and big bars moving up into today.
15 min: Today it opened with a move down. Felt this wasn't warranted and saw it as a buying opportunity.
Other thoughts:
-Maybe got in a little early; could have looked for the retest to enter.
-Moving forward Im looking out for big volume spikes to the upside. This demonstrates to me that Market Makers want to take it higher. Don't want to trade against them.
-Looking over my past trades my risk/reward ratio isn't great. Have been losing more than I make, so Imma let this one ride a little longer than I usually would.
-Watched a Bill Williams video recently talking fractals and not caring about daily P/L if your trading with the trend. Going to try to practice this.
Trade closed: target reached
