DislikedHello guys, Just wanted your input on my structure analysis. Have a I identified these correctly? I got 3 back to back failures so I wasn't sure. Thanks again, Newbie0620 {image}Ignored
With a bit more experience there are a few things that can be looked at to help avoid a few losses, mind always have your trading battle plan in action and as our mentor Mr Pip would say- over filtering will eventually lead to a negative outcome.
The first expectation failure may not of induced a loss if your trading plan allowed you to break even when PA hit the new high. When the price retreated it would of taken you out for a break even. No skin lost.
Now on that same swing where your break even was hit you may of decided to re-enter at a lower price. It is difficult to see the candle formation on the scale of the chart but there is no opportunity to re-enter until the very near bottom. Say there is a rotation candle there and you re-entered. PA keeps going down and you make a very small loss. The R:R would have been nice if it worked out but just not this trade.
So now we have a break even and a very small loss so far for the first failure.
Now the second expectation failure is just that. It looks like there are entry signals around the 38.2 and 78.6 levels. With PA of the previous swing beating the expectations only just by a small margin I would have personally expected a fairly full correction so waited for the 78.6% level where I would have likely entered by the candle formation... and had a losing trade, next trade.
The third trade. The only real opportune to enter the trade is around the 38.2% level before PA completely collapses for the next expectation failure. I would like to think a bit of candle reading would keep me out of this trade. Two candles before the 38.2 rotation (if it is a rotation) is a large bear candle. Though there is good structure around the 38.2% level I think I would of preferred a 50%-61.8% rotation before entry and hence missed the trade before the expectation failure.
It is easy to sit back after all the action has already happened and call it like a pro but in truth I may of as easily been trapped and taken a few losses. My trade management doesn't always go as clearly as it does in my head, heh.
So to sum up, in a perfect world we had: 1 BE, 1 small loss, another little larger loss and a non entry for the last.
This is just my personal read and I realise not all trade like I do but I hope this helps in some way.
Cheers, Matt.
As the lights go by so too do the shadows move
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