Wheat 4H Sell Set-Up

At school so will update this later. For now, here are my 3 reasons for my bias to short:
(Note: the breakout I was waiting for actually happened as I was creating idea so trade is active upon publication)

Breakout of the flag
Toward the top of the channel and impulse down
4Hr and Daily Stochastic Crossed Down
Long-Term trend is bearish

Trade ativo:

Sell 5000 WheatUSD (1 contract) @ 4.037
Stop Loss: 4.090
Targets: Bottom of triangle, then watch for break below triangle

Comentário:

I have already been reminded of an important lesson on the first trade of the Pre-Season: wait for the candle to close before trading it!

The screenshot above is a current view of the main idea posted above 1 hour ago. This candle has 2 hours left as well.

Even though the trade may work out here, I have given myself a much worse entry price than I could have and if this proves to be a false breakout (confirmed if this 4hr candle closes above the trendline) I will likely lose the trade due to this error.
Let's not make this same mistake again!

Comentário:

After the initial error this trade is working as planned so far. I was contemplating moving stops to break-even but I have decided not to yet as the top of the last bearish pinbar on the 1hr is right above my entry.

I will monitor and close the trade on any bullish impule on the 1hr time frame or higher

Comentário:

Stops to breakeven now...I will enjoy the rest of this trade risk-free!

Trade fechado: stop atingido:

Big bullish candle on the 1H chart soon after this update...my screenshot feature is not working but this trade is currently closed unless price action gives us a reason to re-enter

Comentário:

Had been eyeing this set-up but could not execute it quick enough before the drop (I waited for the candle to close and it was a quick drop from there)

Watch this current candle's (which is also the 4hr candle's) close