Closed the trade when price closed above the high of the fake out bar.
In all honesty it was a good setup. Price went our way and then quickly pulled back to our entry point (at the HHR) as it so often does. After 5 consecutive unsuccessful attempts at trying to close above it finally was able to do it on the 5th push.
Some may argue I may have pulled my stop at least to a BE after that first red bar in my direction but I was committed to seeing price hit at least 1.6. As it is this method is not one where you'll go very far following a strategy where you want to quickly pull all the risk of the table. Some of these can be 'real testers' and that's where you have to be strong mentally.
g.
In all honesty it was a good setup. Price went our way and then quickly pulled back to our entry point (at the HHR) as it so often does. After 5 consecutive unsuccessful attempts at trying to close above it finally was able to do it on the 5th push.
Some may argue I may have pulled my stop at least to a BE after that first red bar in my direction but I was committed to seeing price hit at least 1.6. As it is this method is not one where you'll go very far following a strategy where you want to quickly pull all the risk of the table. Some of these can be 'real testers' and that's where you have to be strong mentally.
g.
Got stopped out too !!! Happens !!! ( Alot to me lately )
ReplyDeleteghous it may look a nice setup for u and surely it would be. although the bearish bar right after the arrow (bull bar)justifies resistance line as well as cool high after a nice space,but i do not understand why would u go for a short entry as there is no James16 price action indicaion. i.e. pinBar, Beob, buob etc.
ReplyDeleteHey Admin,
DeleteThis was a fake out trade. This is not conventional James16 trading in the sense that I am not only on the look out for PA setups. I am trading a 'pattern' in the market known as the fake out.
Kindly visit the "how I trade" section for more info on this trading methodology.
Get back to me with questions either here or at the group.
g.