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Hey there.For the measured move, im looking for the market to pick a direction.On the 5min, the emas are alligned.We push through to new LL/HH for the current day.At this point,we pull back ,and its time for me to look for my entry point.
If its a long trade,as long as we dont take out the low of the prior swing, the MM stays in tact.Sometimes, we can have a deep pb,which may coincide with the 76 fib level.You never know how deep the pb will be.When price begins to resume in the direction of the trend,i i draw the MM.
.Yesterday, we had to get through the prev days hod again on the MM,and it kinda spooked me.
Obviously all MMs dont get fulfilled.Yesterday waas setup very nice on the GBPUSD for this to work.I mark out the legs in each move,and just try to be patient.
MMs can add to confluence if I want to fade as well.If the chart is indicating a divergence, and its at the end of a MM,I will look for the fade,especially if we are extended.
1st trade today
Short, targeting 5min 200, where i would reverse for a long ,targeting nhod.Typically, on the 1st attempt above yhod, we get a deep pb,going beyond 1min200.When price gets between the 5min 21/60,it will try to drag the 21 down,"clinging to it.My short was there.
If yhod wasnt breached yet, i would have entered long at 1min 200 long resting order.Good confluence there too.1min200/yhod/prior swing high. when the 1min emas crossed up ,the trend resumes, and there needs to be a long on pb to 1min 21..which didnt happen -10
-10
Iposted this , but it didnt come up, so i post again.....
well,I have worked hard on a trade plan, to try to take my mind out of it,and just execute according to my plan.
According to my plan, the pb at 8:42 is a long.I passed,because i was thinking we allready went far enough(reminds me of the past).I even put in a reverse order,knowing that i was forsaking my plan,and winging it.Well,not only did we take a -20,it appears that we are heading higher towards another MM.
AND ..there was a beautiful hammer buy candle on the 1min200...i guess i didnt see that either.
Part of the challlenge i face, is that i have a hard time trading dynamically...the 1st short i took could have been a reversal ,with a nice MM profit.Same goes for the 3rd short..i pulled the reversal order.
When i look back at these shorts today, it will fer sure be a wtf moment
jan 24
1 trade today ,a short.MIT entry on PB to 1min 200 after LL.I had to bring my kids to school.The MIT buy order at +20 never triggered,i had to scratch eventually...that sux.
There was a buy signal when we had a Swing HH,and close above 5min60.It just needed to pb a tiny bit more to grab me.Oh well.
2 weeks ago, i brought back the 1min with emas.I realized ,once again, the 1min candles are far too distracting for me.The good thing,tho, is im only relying on the 1min200 for my pb entries.I ditched the 1min chart,and put the 1min 200 on the 5min chart.So much better.I really like looking at just the 5min.I wish this was up all week.