BeardedQuant

EOD of trading using Support and Resistance

Long
LSE:IMI   IMI PLC ORD 28 4/7P
Entry at the long term support level at 910 and target a 80% of the previous range (High to Low) with a stop loss at previous previous support levels.
Time bound trade, if the target is hit trade to remain closed, if the trade is open stop loss to be moved to lock-in profits by the earnings release date. If the volume exceeds the monthly volume average on earnings release if the there is a break out new target to be set at 127% levels.
Comment: Given the market has moved in our favour, we can move the stop to break even.

My error - that i did not set the long position box correctly in Trading View, I use zone and pin bar confirmation as my entry rather than a hard number.

As the earnings release is approaching soon, will be watching the market like a hawk for any negative news to get out quickly.
Comment: I am going to be really honest. Really tempted to take the profits at this stage and any retracement at this stage will push me further, will try and stick to my plan.

(Now I am committed)
Trade closed: target reached: Glad to have stayed disciplined my target achieved with a nice profit.
Another honest Psychological review-
Greed - with the momentum i am thinking i should have had the target higher may be at the previous structure high. Once again staying disciplined is the key to success!!

See you guys on the next trade