Valid Trade- Daily candle was a bearish engulfing
- H4 structure was on an uptrend but failed 3 times to break monthly
- H1 structure downtrending with valid BOS,
- valid M30 BOS
Confluence Monthly Resistance, H4 MAs, random line resistance
Risk: H4 is consolidating, have to be less risk adverse
Exit: Friday Market Close
During the trade, there was a huge spike that normally would have blown my account
It seems like it was because of news.
Note
Have to be extra cautious with countertrend trades. Need to take high pressure invalid breaks or 3 strikeout resistance. In this case, there was a monthly support confluence. I should enter after retest of random line resistance, not monthly support. Next time, if I go countertrend, I play 3 strike out or high pressure invalid break. If there was retest on a countertrend trade, I should be extra cautious and strict.
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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.