Why did I take this trade?
I wanted to get back on the train after I was kicked off! Yesterday I sat and watch another trade rip another $2 after my initial exit. FOMO thought I was making a sound decision tho. price was starting to consolidate and in my opinion "building strength" so it could bust back through $6.
What did I do right?
stop loss was in place.
What did I do wrong?
I did not check higher time frames to get a bigger picture of what was going on. Got caught in a bear flag. The other thing I did wrong was take what happened in yesterdays trade and applied it to this trade.
Target - $6
Support - $5.18
Resistance - $6
price is consolidating at 5.30. pull back on the 5m to the 20ema. My thought is price is building energy to bust through the $6. Ive seen this b4, that does mean it will happen this time but it looks like it due to the momentum price had on the ride up
got stopped out
I should have went with my 1st thought when price got over $6. I should have flatten out then and waited. I saw this yesterday where price got to whole dollar and danced on both sides for a while just like its doing now
patterns defitnitly repeat
I need to frequently check higher time frames when price action slows down, if I had checked the 15 and 30 I would have seen a bear flag developing
You need to log into your Tradervue account to leave a comment. If you don't have one,
it takes just a few seconds to sign up, and it's free!
You can write your trade notes and comments using markdown syntax for links, images, etc. Some quick examples to get you started:
For other options, see Markdown syntax documentation.
Note that normal HTML tags are not supported in Tradervue.