Disliked{quote} There is one from February or early March that is better where my TP was hit to the tick and then price went the other way (have to check my journal I don't usually post my trades here). But what I don't like is that I should've put my stop to BE+1 and then waited for a 1:1 completion or extended targets and lock in after a new NSL is created. Like I said it dropped like a stone and my #1 instinct was to lock in as much as possible.Ignored
You are already in so much profit, you caught a nice move. Price dumped and created a super strong NSL, however it was bot back up almost to a full retrace (so what does this say?). Then price dumped again (where you entered your short). You know it's coming up to a demand zone after a very deep retracement so there is buying strength.
Ok so you set it to a b/e1 and want to let it ride... for what? You're essentially saying you're ok with giving back all of your captured profit (red) in order to capture the rest of the 1:1 (green).
I understand we have a process to follow here but sometimes you need to look at the setup and ask yourself if it's reasonable to let a trade play out a certain way.
Is it reasonable to give back all of your profit in order to try and capture the the tiny amount of move that's left of the 1:1 and possible lower targets? In this scenario hell no, IMO. There's no guarantee that price was going to hit lower targets after the way that it bounced and almost hit a 100% retrace. PA here shows that the NSL and possible lower targets are low probability.
In this scenario IMO you played it just right - tighten up going into demand and let it ride from there or just bail with your profit at demand test.