Only just posting this trade from April and it’s now June… which goes to show how much time I am not devoting to this endeavor at the moment.
Complete stagnation may be something of an understatement but as previously mentioned this is mainly due to working a ridiculous amount.
So… this is probably my least stellar effort recently due to me having completely missed a key aspect of this ‘setup’ (which it isn’t really) or rather a key component in taking these types of trades so you don’t get your ass handed to you…
There’s way too much uncertainty here at this point to be trying to fade this move.
- Move up is +70 which isn’t generally enough to start trying to fade
- Not enough space/inefficiency from where I got in to the area shown in the rectangle
- Lack of contextual understanding… which I’ll explain below.
My observation is that multi-day ranges break from the opposite side… or to explain this another way… by the time you notice it’s in a range it’s time to start looking to buy at the BASE or sell at the TOP. I was out by about the 30 points out this cost me.
In this case I wasn’t paying a blind but of attention to the context of what I was doing.
The smart move would have been to sell later.
The smarter move was to actually get an idea of context and buy the retest @ 1.3110
Genius move? Buy the test of the low at 1.3030
I’ll settle for smart/patient at this point 😉