Disliked{quote} Expectations and possibly poor trade management. Check out the post to Barry. How did you read the short term orderflow on this one? The increasing bull momentum, expected shallow pullback gave me pause on this and I guess I managed the stop too tightly. Thanks in advance. Cheers.Ignored
I got stopped out on the exact same trade. I entered almost at the very top , and I moved to break even when it reached the 38.2% (on 100 tick chart). Price would have only moved against me by 1 pip, and then it dropped 30 pips.
My conclusion is that there are two places where we can move price to break even: 38.2 and 50. Because of the large bull momentum on the 15 minute chart, I think i should have chosen the 50% instead of the 38.2%.
My other conclusion is that I can move my stop loss to 1/2 my normal stop loss (so 5 pips) above my entry price , when it reaches 38.2. Then i can move it to break even once it has done one retrace or when it reaches 50%.
green line is momentum on 15 minute chart.