I entered this trade with the following confluences to back my bias up:
- Clear descending channel
- 61.8 respected lining up nicely with a touch of TL
- Broken and retested structure (support turned resistance)
- Multiple wick rejections to the upside on 1H
- Well under the 200 EMA
- Good close back Below 50 EMA
Entry was on the bearish engulfing from the 61.8 fib originally 2% risk but i minimised it to 1% closing half the position at entry.
Lesson learned: Fib levels are still zones not perfect points so the ideal entry was on the previous 1H doji. That way this probably would have been a breakeven trade or even took 2% from it!
- Clear descending channel
- 61.8 respected lining up nicely with a touch of TL
- Broken and retested structure (support turned resistance)
- Multiple wick rejections to the upside on 1H
- Well under the 200 EMA
- Good close back Below 50 EMA
Entry was on the bearish engulfing from the 61.8 fib originally 2% risk but i minimised it to 1% closing half the position at entry.
Lesson learned: Fib levels are still zones not perfect points so the ideal entry was on the previous 1H doji. That way this probably would have been a breakeven trade or even took 2% from it!