Also wanted to enter JOYG on the 16th bar which looked like a tower top setup (need to check the criteria again from Jamie's blog) but did not. These bad trades are really eclipsing the better trades/opportunities. I must be more active in moving my SL if I think the trades have high chances of moving against me after my entry. CUT THE LOSERS! CUT THE LOSERS! I have to remind myself all the time.
POT was weak in the morning and moved down, rebounded from 50EMA. At around noon, it formed a series of NRB. Entered short on the break of the low of those NRBs. Moved SL to BE after POT closes below daily pivot. Exited entire position on the orange 5-day MA.
Edited to add:
Jamie traded POT today based on ambush setup. Below is his chart and description of the trade copied from his blog.
After early weakness, POT retraced 62% from morning high/low. it printed 3 IBs, the last of which was NR7 with body in the shadow of the previous bar (red on red) - very bearish.
Normally on the ambush trade, we take half off when price approaches lower fib, but today the market was starting to rip lower, so hang on for 3 WRBs. Price carved out a hammer reversal stick at the 50% FE so I tightened stop. It ended up being just a pause, as price eventually tagged the 100% FE.
2 comments:
Traded POT too - ambush - place fibs from morning high/low - meets criteria - does not close above 62% retracement - short the consolidation break NRIB - sweet!
JOYG - wide top but I see 2 hanging men in that top foreshadowing the reversal.
I'll add about ambush in this post for me to remember. Waiting to see when and why you exited.
I saw the doji and then the HM in JOYG and wanted to see how it would play out as a reversal. There was a nice red HM on 60 min. chart. After going through your Tower Top post, JOYG does not look like a tower top. There has to be a WR green bar on the left.
Post a Comment