A superpivot trappedtrader signal was fired off last night which happened to appear at a resistance confluence of
trendline and psychological resistance.
Week to week, there is a clear bearish trend with consecutive lower high weeks. As of yesterday, the print of a super pivot signal validates the resistance of the confluence zone, which is in tandem with a bear flag continuation pattern. This becomes an A Trade setup.
A very nice resistance trendline connects several pivot points together.
IN h4, the trend seems to have changed with recent flat highs being flushed, forming a bulltrap phenomenon.
Looking into recent day to day trend, the h4 bearish trappedtraders signal has dual purpose:
1) validating the resistance confluence
2. allows a chance to rejoin the bearish path of least resistance.
subsequent downmove from h4 trappedtraders
A trendline resistance was drawn few weeks ago.
However price hovered at the top for several days, without moving. Short positions were initiated & otm for 2 weeks. It was not until yesterday that a trappedtrader signal was printed, signalling a potential top and ready for price to move down.
profit taken by end of the night , within 24 hours, at 2.0000
Got this trade correct for both timing and direction.
Looking to long after a bullish day engulfing.
Took profit within the same day. It was good to see a planned trade work out.
Did a good trade although the entry could have been better. Position size wise was not big as followed rules to manage $$ risk.
In this setup the 5 week trend was a strong consideration as week to week it was up.
I looked into the h1 for a lower timeframe bullflag.
The bottom was flattish and did not suggest of a wash n rinse, hence that was a reason for me to reduce my position size.
However , what gave the conviction was that
1) Price bounced thrice form a round number support of 1.9000.
2) This formed a double bottom of sorts with macd divergence.
3) this level also confluenced nice with 2007 52weeks low.
As the overall d2d momentum was good, I entered 1 position on break of bullflag trendline.
a bullish day expansion was registered. I shifted to breakeven and have set the TP to ~1.92.
this was a good entry with good setup. Unfortunately I did not earn eventually as price hit BE and I did not tp earlier on.
Shorted this when I saw the familiar Resistance tripartite of 2014 low , channel confluence , together with f6.
There was a WR2B which validated a beartrap. And this reversal pivot was even more meaningfully formed with
a yellow purple expansion combination, which suggests the strength of the resistance.
price plunged straight for monday and now at neckline. Which presents the next decision to take some or leave to ride for more.
Indeed price did a drastic turn at the identified partial tp area. I did well to secure the profits.
I need to kick out this bad habit of preempt a right shoulder and random entry to play towards the right shoulder, when there is absolutely no obligation for the right shoulder to be nicely formed.
Eventually price completed a multiday day bulltrap and a bearflag as well, flushing out my longs.
THis is the type of bad setup, bad entry and bad trade that I should not be repeating in the future.