No SL to avoid stop run. Will be watching price action to decide if I should exit.
I had a daily timeframe bias hence this spike up did not matter to me as I was more interested in watching how the daily candle closes. The long wick into the liquidity zone above around 0.5 Fib retracement level was a stop run which I have avoided by removing my SL.
My 2nd Short order got filled at around 0.382 level (as mentioned above in previous update) which made my average price 0.00006394 (posted a screenshot on my twitter page, link below)
0.00006185 to 0.00006239 level (marked as red rectangle in previous update) which was previously resistance should now act as support (now marked as green rectangle). This is because there was a clear impulse move through this level suggesting break in market structure. Normally, this level now should be backtested soon. I plan to close my position during that backtest.
Not scaling in anymore for the time being to reduce my risk exposure. My goal now is to manage this trade to make small profit.
Looking at 90+ Daily RSI, I could not resist from laddering one more short which has now made my average price 0.00007932 (posted a screenshot on my twitter page, link below)
Green rectangle (0.00007492 to 0.00008064) should act as support now where I’ll close my position to B/E or make small profit.
Turned an underwater position into reasonable profit of 7.74% through trade management (posted a screenshot on my twitter page, link below)
Laddering is an art and patience is the key. I use both these weapons when I am in a trade that immediately doesn't go in my way. I have been very transparent throughout this trade in providing updates and showing the screenshots to put the proof in front of you. I hope this will bring some value to your trading.