RSI went below overbought region on the 4h chart + resistance still hold -> fading this test of 2800. Against fundamentals but I see a lot of selling into this liquidity for individual stocks like AAPL and AMZN. Risking 0.5% for this trade.
Trade closed: target reached
Comment:
A lesson here (although in hindsight) is that the range is still much larger than the target I set as support. With the inherent market weakness, I saw after the positive G20 talk between Trump and Xi, it was still possible to extend my profit taking to increase the risk to reward ration.
Moving forward, I will give this set up, as long as the bear market view holds, a 1.5% risk with 3 positions aiming at different targets and managing them as new information comes in.
Moving forward, I will give this set up, as long as the bear market view holds, a 1.5% risk with 3 positions aiming at different targets and managing them as new information comes in.
Discretionary: 24.825% + 0.5%*1.77 = 25.21%
Planned: 33.14% + 0.5%*1.77 =34.025%