UJ & GJ Bias Analysis: Both setups were very similar so correlation risk was high and I was effectively risking 1% on 2 separate setups. The Daily was trading at a premium, however after price began re-establishing a bullish counter trend, we pulled back into Internal range liquidity, mitigating the 62.5% and 70.5% fib levels on UJ & GJ respectively. Long entries were in line with the 1H bullish ranges and entry confirmation was achieved by means of a 15M reversal candle and Micro-timeframe confluence (1M Market Structure shift or 5M FVG inversion).
Grade:
- UJ: High Risk
- GJ: Low Risk
What I did well or could've done better:
- I choked my stop losses on both pairs as I was trying to achieve the highest possible R:R. This led to being stopped out after price traded lower on both pairs to sweep MTF TBL.
- I was focused and identified re-entry opportunities. I stuck to my trade management plan and only executed a re-entry on GJ as my plan allows for 3 maximum consecutive losses per day.
Grade:
- UJ: High Risk
- GJ: Low Risk
What I did well or could've done better:
- I choked my stop losses on both pairs as I was trying to achieve the highest possible R:R. This led to being stopped out after price traded lower on both pairs to sweep MTF TBL.
- I was focused and identified re-entry opportunities. I stuck to my trade management plan and only executed a re-entry on GJ as my plan allows for 3 maximum consecutive losses per day.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.