d1
A strong trendline is defending against the bulls, who has strong reasons for upward movement with a 3 month ihs chart pattern. A long time symmetrical chart pattern is indeed compelling reason for perhaps strong continuation of the 2013 trend.
h1
but right now trade will be pure counter trend for me. I am in no hurry to short this and will be waiting for a minimum 2 day flush to match up with a 5 day bull trap.
updated 250414 2114 hrs
h4
Did not managed to get in earlier at a suspected 1234; not the best of pattern but now 13TL is completed and a WR2B has been done.
Have to assume that consolidation is completed and now price is ready for a subsequent downmove.
Note that space will be limited and hence order for this trade will be quick TP @ about 90-100 pips. I will be happy with that.
A trade checklist
Checklist suggested that trade may not be top grade, based on points. Reduce risk n lot size.
updated 040514
Question is would I have averted this loss by choosing to tp and run at this bear trap?
What I have did ok to compensate for this late entry will be reduced lot size , so this was the saving grace of this losing trade.
