Major double top on the 4H however price failed to close below the support i had drawn. Was waiting for either the break or bounce and obviously we got in the bounce (Buy).
Reasons for Entry:
- 4H higher low created
- still in uptrend despite the double top
we still didn't break the major structure
- 1H failed to close on 2 occasions but it was a heavy sell off so i waited for more confirmation
- Entry was the bullish engulfing close on the 1H
LESSONS LEARNED:
-Just to be more weary of whats going on on the higher timeframes as with a double top the markets in theory usually come down to atleast the neckline and they havent just yet.
- Maybe could have got in on the 30m engulfing that closed back above the midline but more experience is needed for that.
Reasons for Entry:
- 4H higher low created
- still in uptrend despite the double top
we still didn't break the major structure
- 1H failed to close on 2 occasions but it was a heavy sell off so i waited for more confirmation
- Entry was the bullish engulfing close on the 1H
LESSONS LEARNED:
-Just to be more weary of whats going on on the higher timeframes as with a double top the markets in theory usually come down to atleast the neckline and they havent just yet.
- Maybe could have got in on the 30m engulfing that closed back above the midline but more experience is needed for that.