Trading Log of Too Much Free Time 01

Many possible ways this could have played out but I decided to go short on the retrace into the intersection of 2 trendlines following the bearish breakout from the smaller flag. Stop above the monthly carmella and previous local high, but below the upper liquidity zone. This is because the former is all it takes to invalidate the idea and there's no telling if we will bounce off that liquidity zone or blow through it. Plenty of liquidity at the bottom of the channel that hasn't been resolved yet so setting my TP there.

Trade active

Note

I should mention contraindications:
There was a bullish divergence followed immediately by a bullish hidden divergence on the first new higher low, but it was on the 5 minute timeframe only and I could find nothing similar on higher timeframes, so I doubt it holds much significance.

Note

Also failed to mention a big reason I nabbed this so quickly:

The triple ascending top within the rising flag paired with diverging RSI and the final 'last hoorah but didnt quite make it' lower top with matching lower RSI visible on lower timeframes is a pattern I keep noticing recently for local reversals (not limited to 30m scale). I saw that and, combined with the factors written above, decided to try trading this pattern.

RimmerDall

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RimmerDall