So far, I haven't noticed any discernible drop off in my trading volume (which would be a dead giveaway that FEAR is raising it's ugly head). At least not since moving to the live account. August as a whole has seen lighter personal trading due to holiday volume and me being half present while enjoying the summer season.
Back to the title. Here are the hourly and 1 min charts from the first trade of the week.
I won't go into the details of the trade as that's not the point of this post (there are enough notes and doodles on the chart to get a good idea anyway).
Instead, I want to focus on the price action around the turn of the hour. It fell through my pattern, held the "Zone of Action" (< where a prior situation occurred) then fired away from there after breaking the low of the hammer by a tick. That hammer was also the low of the weak hourly close, which happened after the break-down, marked with the white arrow on the above hourly chart.
The market drove prices down to a significant level and then moved up away from that level with speed right at the turn of the hour. This, to me, was a clear indication of a pending up move as we now had trapped shorts liquidating.
I could have played it better by taking off my usual ~ 1R gain then repositioning when it came back down to those lows on lower pace. Final target was 583, which has just about been hit at the time of writing.
No comments:
Post a Comment