Can't post the 1min chart, but the smaller details are generally break of structures the market's already made.
If you're one to consider how long a trade should take, I'd give this until about 10:00 before breaking even or cutting losses if partial #1 was not yet hit.
Staying with the pre-dominate structure.
Terms:
BOS-Break of structure
EQH-Equal Highs
If you're one to consider how long a trade should take, I'd give this until about 10:00 before breaking even or cutting losses if partial #1 was not yet hit.
Staying with the pre-dominate structure.
Terms:
BOS-Break of structure
EQH-Equal Highs
Comment:
Finally being able to show the 1min chart, this is what I was looking at pre-entry but of course, hindsight is always 50/50.
Do take note that the BOS' are deliberate and consciously placed; my definition and where I want to see my BOS' may be different from yours, but the idea remains the same: the bulls' attempt to gather momentum failed.
I for one however do not think it was ever actually a reversal taking place, at least not yet, but large profit-taking.
Do take note that the BOS' are deliberate and consciously placed; my definition and where I want to see my BOS' may be different from yours, but the idea remains the same: the bulls' attempt to gather momentum failed.
I for one however do not think it was ever actually a reversal taking place, at least not yet, but large profit-taking.
Comment:
TA DA! Trade complete; I missed an update on the second take-profit, but similarly, I would have TP'd the same amount as I did in the first take profit.
If you were a bit more braver, the momentum which price was creating as it moved lower was enough to consider completely removing a second take-profit, and combining what should have been tp#2, with the end-goal profit for a total larger sum.
All in all, a good day to start the week if you followed along.
TA DA! Trade complete; I missed an update on the second take-profit, but similarly, I would have TP'd the same amount as I did in the first take profit.
If you were a bit more braver, the momentum which price was creating as it moved lower was enough to consider completely removing a second take-profit, and combining what should have been tp#2, with the end-goal profit for a total larger sum.
All in all, a good day to start the week if you followed along.
Trade closed: target reached:
Lastly, at this point, while a reversal does seem like a possibility, I'd simply hold off and wait to see if further structure is broken.
While a reversal would be enticing, we have little to no confirmation (from my perspective) nor would the probability be favourable. Risk not worth it in my opinion.
While a reversal would be enticing, we have little to no confirmation (from my perspective) nor would the probability be favourable. Risk not worth it in my opinion.
BOW! First target hit, at this point I'd personally place my stop loss at break-even. The partial profits were up to you, but personally for myself I divide whatever position size I had by the amount of partials I planned to take.