DislikedHere's another trade:
USD/CHF M5
Long Entry: 0745 GMT
Exit: 0838 GMT
TP: 10 pips (RRR 1:2)
1. Saw a breakout upwards (Point A) after some ranging.
2. Trend was sideways slightly and up from 000 GMT.
3. Wasn't sure which point in the support area to take (between yellow lines)
4. Long'd at point B when price hit upper yellow line and got stopped with 5 pips loss.
5. Long'd at point C again when price hit lower yellow line.
6. TP at point D when TP hit 10 pips.
I think I got lucky in this trade because the 1st corrective...Ignored
I think you did get lucky here because after the bullish momentum there where four 5m bars reversing from this level creating strong short term resistance. The better play would have been to wait for the break, of this short term resistance, before going long, once in the trade there was plenty of indication that momentum was failing.
It's always easy in hindsight, the difficult thing is catching it in real time but with practice and plenty of patience we'll all get there.
Hope this helps.