It was a big wow on hindsight, that a double top was missed at fib6
year on year, this chart is a down.
After a 2 month double top at fib6, price was followed by being capsuled within a 5 week down channel.
h1 triggerpoint version
macd divergence , 5 criteria.
h1 tflow version
1234 here, i cannot miss it.
this trade is about trend continuation and all signals are showing up strongly.
I have no reason not to take it.
I classify this as A trade: clear trend , SL well defined, stable momentum.
Final outcome was all positions exited at B.E.
Attempted to do position trading for this, but unfortunately this could not last.
On thursday, added a smaller position on retracement.
Note that there was no macd divergence but have chosen to add on a smaller position. At the end of the day position sizing management was the one that saved me from losing on this trade.
I could have won more with an added position, so there was additional risk taken when I added on the second time.
position sizing and trade management
Maybe price analysis did not do so well, but in terms of position n trade management, did well. to prevent a winning trade to turn into losing trade.
Also, this case study added evidence n steel to the concept of using macd divergence when looking for 1234 to trade on. I will look forward to the future when i will be using divergence filtered 1234 for quick moving pips.