Was eyeing this one as well, you could also try to get filled on the lows of micro shelf for better RR on this one. If micro shelf rejections are strong and clean then what i do is after placing initial entry (which would be in similar area to your) i add another entry on retrace back to micro shelf lows (which makes added risk exposure) and then if price goes back up the upper entry is closed at break even and you carry only lower entry which has far better RR.
{quote} Was eyeing this one as well, you could also try to get filled on the lows of micro shelf for better RR on this one. If micro shelf rejections are strong and clean then what i do is after placing initial entry (which would be in similar area to your) i add another entry on retrace back to micro shelf lows (which makes added risk exposure) and then if price goes back up the upper entry is closed at break even and you carry only lower entry which has far better RR. {image}
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thank you for your help, much appreciated. Would you put your SL below the micro shelf on your second entry or below previous higher low (147.355 in this case)?
{quote} thank you for your help, much appreciated. Would you put your SL below the micro shelf on your second entry or below previous higher low (147.355 in this case)?
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Bellow micro shelf lows 147,39 . When and if micro shelf is formed, always use that in your advantage and put SL bellow there.
{quote} I jumped the gun... stopped out, my mistake {image}
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Yep, markets tought you lesson there. If you went with limit order instead of market order you would most likely wait for proper break and also get better fill. Use this lesson for future. Limit orders, especially on spreaded assets.
(binned per thread starter's request) Market bottom rotation trad
