First trade of the year!!! Getting back into swing of things...
Risk/Reward
TP1: 2:1
TP2: 4:1
Bias: Longs
Confluences is as follows:
Macro
Monthly - Market timeframe retest off of a Key level zone at price point 11000.0, this price point being a major key zone on the monthly chart. Indicating that more bullish opportunities in the foreseeable future, so long as this month continues to support off of that zone.
Weekly - Market timeframe retested off of another key level at price point 10700.0, with this price point being a weekly key zone.
Daily - Timeframe double pattern market pattern translated from the initial retest from the weekly timeframe.
4h - Bullish market condition after it broke and retested from the recent consolidating structure, translated from the Daily double bottom and as well as the retest from the weekly timeframe.
Micro
15m - Last week's Tuesday and Friday's US session(s) zones and as well as yesterday's US zone as a major US session entry zone.
5m - Bullish support candle as entry point
Remarks: Stop loss was bigger than expected resulting in this trade being more intra-week (Swing) rather than an intra-day trade.
Risk/Reward
TP1: 2:1
TP2: 4:1
Bias: Longs
Confluences is as follows:
Macro
Monthly - Market timeframe retest off of a Key level zone at price point 11000.0, this price point being a major key zone on the monthly chart. Indicating that more bullish opportunities in the foreseeable future, so long as this month continues to support off of that zone.
Weekly - Market timeframe retested off of another key level at price point 10700.0, with this price point being a weekly key zone.
Daily - Timeframe double pattern market pattern translated from the initial retest from the weekly timeframe.
4h - Bullish market condition after it broke and retested from the recent consolidating structure, translated from the Daily double bottom and as well as the retest from the weekly timeframe.
Micro
15m - Last week's Tuesday and Friday's US session(s) zones and as well as yesterday's US zone as a major US session entry zone.
5m - Bullish support candle as entry point
Remarks: Stop loss was bigger than expected resulting in this trade being more intra-week (Swing) rather than an intra-day trade.
Trade closed: stop reached:
Trade was more or less a pre-mature entry, due to the market rejecting 11250.0 weekly key level just recently. Although I could still see the market breaking that key level zone in the foreseeable future due to the monthly timeframe supporting off of 11000.0 monthly key level.
Comment:
As the market continues to liquidate, the conclusion for this trade is that I simply had my stop loss too tight. Thus it being unable to accommodate for the fluctuation at entry zone.