BREAKOUT
Major up
Current down
Broke on the upside with volume spike. Took position $4.38.
gap filled far from breakout candle close.
RRR 1:2
Entry $4.38
TP $4.51
SL $4.30
LIKE
1) Breakout happen near EMA. might provide good RRR.
2) Reduce position sizing after that from 100% to 60% after observing that theres no follow through.
DISLIKE
1) On hindsight, it does look like a marginal breakout candle formation. (not long enough)
2) Chase trade due to fear of missing out. broke at 4.36 and yet brought at 4.38 (Fear of loss missing out)
3) not confident in the followup move candle came back down to test EMA. The followup momentum dint happen
Major up
Current down
Broke on the upside with volume spike. Took position $4.38.
gap filled far from breakout candle close.
RRR 1:2
Entry $4.38
TP $4.51
SL $4.30
LIKE
1) Breakout happen near EMA. might provide good RRR.
2) Reduce position sizing after that from 100% to 60% after observing that theres no follow through.
DISLIKE
1) On hindsight, it does look like a marginal breakout candle formation. (not long enough)
2) Chase trade due to fear of missing out. broke at 4.36 and yet brought at 4.38 (Fear of loss missing out)
3) not confident in the followup move candle came back down to test EMA. The followup momentum dint happen
panic SL at 4.32 for rest of position only to see market revert to 4.35.
Mentality on taking SL is that tade dint went my way from start, might not work out.
But market came back.
I could have let the trade breath more. and trust the trading game plan then to intervient,