Re-attempting Sells after yesterday's daily candle rejected our weekly level. It closed Bearish after tapping in to that level. With the high momentum i am expecting price to break out this range lower and fill the next range. Our entry level is the low of the previous bearish daily candle to reconfirm our trade validity. Our SL will be places at the current 4H candle high. If price were to break the level without breaking the low of (1798.0) the trade is then invalid. Out TP is placed at Weekly support. Price should move down relatively nicely due to the pre london volume if price respects our levels.
Trade closed: stop reached:
STOP LOSS HIT
Price first came down below our level but price then reversed immediately. It was a clear fake out once london session started. The level of interest clearly had a lot of orderes in the buyer's direction and took out our stops. It was a very risky sell because this metal was still in a bullish market structure. Price did break above our level so i'll start looking for better long positions coming into next week. I wasn't able to manage my risk on this particular position as the move was quite an impulse however only took a -1%. First loss of the year but it is what it is.
Price first came down below our level but price then reversed immediately. It was a clear fake out once london session started. The level of interest clearly had a lot of orderes in the buyer's direction and took out our stops. It was a very risky sell because this metal was still in a bullish market structure. Price did break above our level so i'll start looking for better long positions coming into next week. I wasn't able to manage my risk on this particular position as the move was quite an impulse however only took a -1%. First loss of the year but it is what it is.
Comment:
Price hit our stop loss and then continued the move down. I had stops at a strategic location but price stop-hunted me out. However, price did respect my higher timeframe analysis and that's what's important. Will continue to take the same trade again as it is a high probability trade based on my backtesting. Today didn't go our way but it is what it is. Will come back stronger :)