Price tested historic high and bounced off to form a 3 day bull trap.
Trade plan will be to get short on retracement.
Best place will be fib5/6/ retracement.
I thought that this big picture and the setup was great! However I have also come to realize that big picture and trade planning is one thing, modified entry and exit tactics are the ones that determine the trading outcome. Most of the time, trade planning provides a bird eye view of how price may pan out. Entries however, are often far from ideal and I often need to re- adjust my risk reward ratio in order to get in on a great setup.
Yesterday after returning home later than usual from my run, I hit shorts for DJ30 when it just did not retrace to the ideal short price.
Entered when price closed below previous day low .
Hence it is all about adjusting how much position there can be entered. The closer i can enter to the iceline, the more pos i can enter as pip risk is reduced.