GU Short Trade
******For Journaling Purposes******
Before entering this trade earlier this morning I noticed WYCKOFF forming on the day time frame. The SC, AR, ST, UT, and UTAD had already formed. Although for a schematic to be legit you need a SOW which has still not appeared yet on that TimeFrame (Would need a break below 1.35000). So next I went to look for LPSs on lower timeframes. I found a range that had been previously broken on the 4hr and price had just respected a demand zone and made a new lower low (Big Red Box above current price action). My new demand zone I was looking to be respected was on the 15min (Big Red Box) and I made a more exact entry on the 5min timeframe. Once price made a mini schematic on the 5min I entered for a sell with 2 positions. One with the target of the current low of the price range on the 15 min timeframe (blue box) and the second on a supply zone that needed to be mitigated on the 30min. This trade ended up playing out for a net gain of 13.16%, risking only 1% per position. The trade was active for 5.5 hours.
Before entering this trade earlier this morning I noticed WYCKOFF forming on the day time frame. The SC, AR, ST, UT, and UTAD had already formed. Although for a schematic to be legit you need a SOW which has still not appeared yet on that TimeFrame (Would need a break below 1.35000). So next I went to look for LPSs on lower timeframes. I found a range that had been previously broken on the 4hr and price had just respected a demand zone and made a new lower low (Big Red Box above current price action). My new demand zone I was looking to be respected was on the 15min (Big Red Box) and I made a more exact entry on the 5min timeframe. Once price made a mini schematic on the 5min I entered for a sell with 2 positions. One with the target of the current low of the price range on the 15 min timeframe (blue box) and the second on a supply zone that needed to be mitigated on the 30min. This trade ended up playing out for a net gain of 13.16%, risking only 1% per position. The trade was active for 5.5 hours.
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