- Valid Trade
Daily candle was a bearish engulfing
- H4 structure was on an uptrend but failed 3 times to break monthly
- H1 structure downtrending with valid BOS,
- valid M30 BOS
Confluence Monthly Resistance, H4 MAs, random line resistance
Risk: H4 is consolidating, have to be less risk adverse
Exit: Friday Market Close
During the trade, there was a huge spike that normally would have blown my account
It seems like it was because of news.
評論:
Have to be extra cautious with countertrend trades. Need to take high pressure invalid breaks or 3 strikeout resistance. In this case, there was a monthly support confluence. I should enter after retest of random line resistance, not monthly support. Next time, if I go countertrend, I play 3 strike out or high pressure invalid break. If there was retest on a countertrend trade, I should be extra cautious and strict.