Getting excited over power move and close after Wednesday night FOMC
Big picture shows how price have reacted to w1 level. 9365 is indeed the price level that price has rebounded from.
On h4 a wr4b is completed from this bounce. However this bounce has significance. A bearish expansion day was undone by a bullish expansion engulfing day. it has strongly validated this support level and WR was done in style via a bullish kicker.
Daily candlestick bullish kicker
h1 trade plan
Seeing that this A trade , i have immediately hit a position in the middle of nowhere. I do not want to lose out on a potential upmove and left me behind when I am not in yet.
However, the bulk of my positions are buy limit at the wr3b box low.
I am willing to lose up to 70 pips but I have already in plan to manual cut should price close below this 3 weeks low.
A trade checklist
This is one of the highest score so far at 16. I need to turn aggressive and get big.
However in the words of Mike Bellafiore:
“as big as I can , responsibly”
Hence I comply with this mantra by reducing pip risk by having bulk of positions lying at the perfect iceline. Below that I should cut as planned, losing 10-20 pips
it was satisfying to grade a trade as ‘A trade’ and watching the trade move. However, I was not able to load up my max as price did not offer an initial retracement on thursday morning.
Hence I hit again on friday’s retracement due to NFP and now I am 40% in of what I have wanted to risk.
I am slowly upsizing by choosing the best of setup to go big on, and currently on good progress.
Going to set TP1 on 4weeks high/ D1 line chart to lock in the profit score another morale booster when it TP.
Another issue that i will like to note of is shld I remove my previous buy limit right at the bottom since price has moved so much up and crashing it down may not mean the same bullish bias anymore. I should also look to shift BE on monday to protect my capital.
trade outcome +50 , +55 . I had manually exited for this. The main reason was because I had wanted to tank for my gbpjpy loss as I had decided to cut loss for gbpjpy bigger positions.
In other words, there was no concrete reasons for me to exit these positions. I was few hours away to reach my TP.
Nevertheless, the positives that I can take away will be :
1- excellent chart interpretation of price movement. This trade is indeed A trade with guaranteed movement.
2- I fulfilled my objective of equal-ling A trades with big positions. The A trade checklist system works for me. It gives me conviction and confidence.
3- Despite the premature exit, I had concluded an A trade with significant positive profits, validating what I have been doing is correct.
I will be looking to clock up a few more big and positive wins, so that I can get comfortable at this lot size, and once I get comfortable , I will again seek discomfort by upsizing. That is the only way to grow and improve.