D1 Big Picture
Venturing into various Equities market to have more oppoturnities to hit on A Grade Price Action setup.
Vard is a SGX equity that has been on a strong downmove since 2012. It was first identified in week9.
D1 Bear flag setup
With the bearish trend identified , I then looked for a pullback to get entry into. There was a solid Resistance in the form of 2014 Low, that happened to cap this bear flag, hence providing a good SL level.
D1 bulltrap trigger
The trigger came in the form of the a bearish engulfing which acted as a bulltrap.
Outcome
3weeks later, exited at 40c for a 25% move. Verdict is that trades can definitely be held longer as I am playing for a downtrend continuation. Good identification of direction and timing overall but exit of the trade could have been better.
I believe this is the first prototype for equities trade that I am applying current forex trading principle onto equities. Although trade duration is much longer, it seems to be more stable as well. I am looking forward to have more success in CFD , so in the future I have more markets at disposal, as my edge lies not in extreme master of a particular fx pair, but rather the repeated use of trading methods based on trend, pullbacks & trigger.
Hence a plethora of markets should serve me better.
What I need to do next is to find out what happens if there are issues of counters suspension which may affect CFD trading.
