Initially I wasn't sure whether I was biased to the buy or sell based off the candlesticks, but I continued to study candlesticks on the 4hr timeframe and noticed lots of wick rejections to the downside which confirmed for me that I should be buying. I scaled down to my 1hr and waited for price to show patterns, structure, and momentum. The candles broke the first...
There was not 3 confluences on each timeframe which could have resulted in this loss. On the 30min timeframe there was no moving average crossover. Also, I didn't take into consideration the support level halfway through my take profit. I only could have avoided this loss with a 1:1.4 RR ratio rather than a 1:3
Confluences: Moving average crossover Timeframe correlation on all 3 timeframes Momentum and structure within the market 1:3 RR ratio
This is simply just practice.
This is simply just practice.