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Pretty unsure when I was in the two trades, really not relax.. blegh.
The First the setup So there was momentum highs on 15min and new highs overall (see first pic). My entry on 5min was based on the first cross because It didn't look really a flag (see second pic). So this wasn't a flag so actually not a setup from my gameplan. I was afraid that it would have another push down on a 5min (for ABC) that's why I scatched it. I exited 2 ticks higher after 7 afraid minutes at 1.3941.
My thoughts we're like this: not my trade etc. Next time only ABC setups. Because I was so afraid for a loss and I couldn't stand the heat, too uncertain.
The second setup
This was also in 6E (third pic), now there was an ABC! But not a clear one, A and C were not equal SO NOT VALID. But the main reason I did take it because there was divergence. It was not really moving after a while so I exited 15minutes later at 1.3947. My initial stop was at swing low, below divergence.
This was actually a valid setup number 2 IF there was momentum divergence..
Evaluation of this day and trades
About the first setup: This wasn't really a flag but it was a first cross (not enough bar overlap), but that's not a valid setup.. see first post. It was a valid setup if there was an ABC on HTF but there was not.. only a swing down.
In the first trade I was continuously thinking: this is not good, if there comes a new leg down (so abc being formed) I'm going to be stopped out etc. So not relaxing.
About the second setup: I want to see a clear ABC (at least C must be equal or larger than A) or momentum divergence.
There was divergence but not momentum divergence. Although the trade worked out after a (long) while..
So both the first and second setup we're not valid. But it still worked out because of the strong momentum. Next time I want to see a clear ABC down or momentum divergence.
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