6JH23 Short 1/19/23
I am working on better understanding supply and demand, as well as analyzing trends across time frames. I have noticed a weakness of mine is missing the forest for the trees, for example finding a short opportunity but the longer term and even medium term trend is up.
HTF- downtrend
MTF- uptrend
LTF- downtrend to neutral
In this trade I was looking for a roughly 3R scalp. It broke the microKPL on the 30 minute chart. I went ahead and put the trade on with my OCO stop and limit order and went to bed.
When I awoke, price had moved 2/3 of the way to price target in my favor. We did get a retest of KPL breakdown area and that entry would have had an even better R:R, but I was asleep so it's all good.
I moved to the 5 minute chart and put a downtrend line on the top of the candles to close on a break.
I manually closed when it started to show signs of stalling just above the PT.
Timing on taking profit ended up being good and I had a nice 2.5R trade.
*Acronyms*
HTF - Higher Time Frame
MTF- Medium Time Frame
LTF- Lower Time Frame
KPL- Key Price Level
PT- Profit Target
HTF- downtrend
MTF- uptrend
LTF- downtrend to neutral
In this trade I was looking for a roughly 3R scalp. It broke the microKPL on the 30 minute chart. I went ahead and put the trade on with my OCO stop and limit order and went to bed.
When I awoke, price had moved 2/3 of the way to price target in my favor. We did get a retest of KPL breakdown area and that entry would have had an even better R:R, but I was asleep so it's all good.
I moved to the 5 minute chart and put a downtrend line on the top of the candles to close on a break.
I manually closed when it started to show signs of stalling just above the PT.
Timing on taking profit ended up being good and I had a nice 2.5R trade.
*Acronyms*
HTF - Higher Time Frame
MTF- Medium Time Frame
LTF- Lower Time Frame
KPL- Key Price Level
PT- Profit Target
Aviso legal
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