Big picture suggests that price is trying to play the fib5 n fib6 of this downflow.
there is a huge W1 1234 down and this consolidation is manifested in the form of a 12 months ED channel.
Last week, this has been broken a 13TL is completed.
This ED channel is 13TL via a bearish expansion week.
There might be a potential 1234 setup which will go with ED channel being broken.
This will be my next A trade.
Positions entered. Considering to add more on more confirmation.
Fumbled on exit for this A trade.
AFI: The next trade when I see that it is almost going to turn sour,
I must remember to check on the confluence of resistance that may still act in favour of my trade bias.
STAY CALM, and do not cut hastily.
in the end, this trade went horrendously wron; one of the worst trade for a while.
Entered 2nd round, on seeing a d1 shooting star. However, this shooting star failed eventually.
For the duration of this trade , i was very uncomfortable. My entry was from a fib5 limit order entry hence i was selling from ASSUMED resistance. It made me uncomfortable, for the fact that the shooting star came from the middle of nowhere as price seemed to be stuck in consolidation.
So this trade will be an example of :
1) d1 shooting star gone wrong
2) Feel of ‘A’ trade is not good; check A trade checklist for confirmation.
Eventually , I traded with a 2nd round entry as a show of conviction for this A trade, which did not turn out to be good at all! So was it revenge trading or a show of conviction, I will need to reflect on this. Definitely, both ‘feel’ and points for checklist were not better than the A trades of HSI and EURAUD examples.