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Had another negative day yesterday. You can put me down for ($143.82) on the week.
This week's experiment was educational but not profitable. Probably reduce size to one lot for a little while and get back to basics next week. My swing trading account is still long from 1.1997. My objective is to take the same structural, narrative approach that is working pretty well in my swing trading, drop it down to lower time frames. The experimental piece is in executing with my limited schedule. This week's idea didn't work out, but I'm not out of ideas yet.
Price made a Wide Range Bar "WRB" as annotated on chart. That first signaled me that price may run for the weekly R1 level. I waited... Then price made another WRB for the time frame going in the opposite direction. This was telling me structure change. I took an entry on the pullback to the zone where the bulk of the orders lie.
I exitied the trade on a bounce from the Monthly pivot level. I had EURUSD trades on my spot account and I didnt want to over leverage myself. My spot account made a very nice return today. But I wont include those in my results as this is M6E.
I didn't do so well this time. Was looking for possible continuation, but got stopped out. Now waiting for the retracement to establish its levels before going back in. Still looking for longs, maybe from 1.2252, or maybe from 1.2162; not sure how far it'll retrace.
"It does not matter how slowly you go, as long as you do not stop." Confucius
Looking at your charts I noticed 2 wide range bars. I boxed off the areas that I'd look to trade from either breakout pullback or reversal. I also noticed a outside bar at the low. Good area for pullback as well.
I'm at work. All I can do is my phone screenshot. There's no box drawing function but I tried to line in where they would be. I think you might see my logic here.
laughed out loud at that
