Bias for long first came when I saw this channel with nice macd divergence. From here I identify this as a countertrend channel.
I did this chart in 4m and my moot for support is that it is lying on 3 months low support and is currently f6, which makes this an EWUS play. Thus this confluence of support strengthened my belief for a countertrend long.
D1 trade outcome
However through this process I had to endure 3 days of OTM as my entry was speculative and experimental. I did not feel good about holding this trade as I was not LOBSOW entry and on hindsight it was more of speculative. My TP was abtout 1.2492 , as 1.2500 was nice round number and also the f5 res + potential right shoulder.
From hindsight I also see that there was 2 days of flyinh buddha.
On hindsight I would like to internalize from this chart that price is probably doing a base building for past 3 days , since I see 3 days of flat boxes. There is no classic shape of an ed channel so I need to bring balls and go LOBSOW at fib6. This is how it should be seen and should the next type of setup appear, I will need to take the right action.