Disliked{quote} Hi Mike thanks for sharing this, always as informative How did you manage the 2 successive retraces to the ~50% ret of the OB after the initial retest of 19.500? particularly given that the 1st D1 bar closed strongly bearish while the 2nd retraced higher + closed above 19.500? minor drawdown but major profit ups and downs Another question when playing retraces is narrowing the best possible entry: here you may enter either by the TL / 50% retrace, or by the RN. Sometimes the most logical entry...Ignored
Hey P
This one I initially got in a bit lower and ended up closing it out as we came back to test my entry. Price just looked like it needed a deeper retrace. A put a sell entry higher up as you can see in the charts. This got picked up during the interest rate announcement. From there I simply waited for price to turn back down to the lows before moving my stop loss above the swing that ended up holding. i don't like to do it too premature.
If a trade entry is not picked up, it's not picked up. I look at price in the sense that it will always do what it wants. This will mean missed entries and that's just part of the business. You have to have a short term memory and just move onto the next one that DOES go according to plan. Having that trade plan, following it is key to success because it's what will make you consistent as a trader.
Hope that helps
Mike