DislikedI didn't take any more trades but here's the next setup and analysis I would have used.
After the long trade was presumed finished I would look to M1 to see where the run upward really began. In this case I could look at the chart 2 different times and see the run beginning at 2 different points so I've marked both possibilities. One is right at the hourly bottom where the first breakout swing low was and another would be somewhere above that since there was M1 retracement along the ride up from the very bottom to the higher low blue line, and from there it ran more clean. On the wider fib the stop would have to be around 40 pips by the time an entry comes which I find too big. I get nervous when it's much more than 20 for a stop. I marked the stops in red lines and circles. I marked a stall point that could provide a stop more like 20, so I might be inclined to use that if trading the break of the wider possible fib. If price rolls back to there anyway things may be in jeopardy so why take a hit of 40 when I can do it for 20.
The tighter fib has a short break that has an initial stop around 20 and that is more reasonable. If that trade were taken the stop could be trailed down so the failed short only costs maybe -10, and I think overall that does look like the better initial fib setup the more I look at the chart to find the beginning of the long break. I think that's the one I'd have chosen and not taken much damage.
Back to the longer fib range break outs, I show two orange breaks but the first one is only by 2 pips on this chart. My pending order would not have picked that up with the padding so the second true break would have been taken, and then rolled back for a failure without creating any new stop points so the loss would be between 20 to 30 with spread by using the stall point of the break out down thrust as a stop instead of the 40 pip peak.
I still might not have taken any trades because the day has already had a movement greater than 100 pips during the long break (my decided average daily move for cable - when it's moved this far I consider the day done), I would probably stay out the rest of the day (which is what I did). If this were the fisrt setup of the day I would probably take the trade with the higher blue line as the low break and take a small loss for the day up to that point.Ignored
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