Time of entry: 11AM
Reasons for entry:
- Messy double bottom to 4H support
- 61.8 fib rejected
- Failure to close below support
- Above 200 EMA
Lessons learned:
- I shouldnt have disregarded the fact that bearish market structure was being formed here (Yellow lines)
- 50 EMA was being respected with multiple rejections to it further showing downside movement
-Entry should have been where the pink line is at the 618 fib, that way this would have been a BE trade rather than a loss and stops should have been below the 707 fib too
Reasons for entry:
- Messy double bottom to 4H support
- 61.8 fib rejected
- Failure to close below support
- Above 200 EMA
Lessons learned:
- I shouldnt have disregarded the fact that bearish market structure was being formed here (Yellow lines)
- 50 EMA was being respected with multiple rejections to it further showing downside movement
-Entry should have been where the pink line is at the 618 fib, that way this would have been a BE trade rather than a loss and stops should have been below the 707 fib too