Momentum and timing wise, I was wrong on this, and it immediately took me out. I cut loss in just an hour. So what went wrong?
I surmised this in the chart attached.
For this trade, I fell into the old way of thinking in that I tried to ASSUME a WR on the 5-7 days of h1 box, and hence approximately h4 in nature. This means that I am “prediciting” a reversal in h1 momentum, in which odds are not so high.
Objectively, the h1 boxes should be seen as slowly stacking up , although the up momentum has not been clear. Hence when price reach the 2 days high/pt2 , it should be seen as support instead.
Likewise, the color macd also showed price at perceived “low”. I should not be shorting into low. A higher level and more objective kind of thinking that i should be working towards to should be to long from there!