ESU1 Trade on Jul 9, 2021 12:56 from Kingkillabee: Tradervue User Stock Trades.

Manage Trade Right

Reason for entry: On 5 min, we were in a bull flag consolidation at ATH (red horizontal). We were making lower highs and lower lows, as well as reversing down from testing the top of the channel. I entered small with a limit order, so I could add more if it reversed to top of range before testing down again. There were also several prints of Phantom bearish Div on RSI, showing likely test of bottom of range (2nd pic).

Stoploss: 4358.25, at the top of the range.

What could have been done better: I handled this countertrend scalp pretty well. It would have been better to be looking for trend resumptions (long) entries rather than countertrend scalping though.

What was done well: Entering small after confirmation of reversal down and exiting after high 1 near the bottom of the channel.

What was missed: I did not consider the bull flag could've been a horizontal trading range (blue box) rather than a bear channel. I shouldve considered that because of the fib .236 level acting as support (proving bull strength).

Emotions: Calm, but a little annoyed when it reversed up before my target was hit. That is when I realized it was not a channel, but a sideways range.