Blin wrote: ↑
Sun Nov 22, 2020 7:50 am
Blin wrote: ↑
Sun Nov 22, 2020 2:33 am
can anyone please tell me why wouldnt you get in this trade at the circle i drew, we have a green 2nd dot for a buy blue candle?What was the problem?btw its a demo acc
Prior to taking trades on the 15m check the 1hr TF for Direction.
If you look you will see that it had made a Top turning point on 1hr making ALL future trades DOWN trades only (until another turning point appears on the 1hr).
See the Xmas Setup screenshot showing the 1hr Turning point on the 15m chart.
As you can see we have a green 1hr turning point and the photo you attached shows the 1hr turning point repainted right?
I think you are quite right to think that your entry looked like a 2nd dot - and it was a 2nd dot: a failed one (no system can give you a 100%-win-rate)
More important - maybe - was the fact that price - on its way up - was rejected twice at H4 resistance and then was not able to produce another higher high. Instead it started to produce lower highs whenever it turned after its way up (if you look closely you will see that it produced 3 lower highs before it suddenly broke through all three MAs and spiked downwards.
If you look at EMA 9-36-144 you can see clearly that the distance between them gets smaller and into a sideways squeeze. And that's why you should have gotten out of the trade when the retest of the last high at around 3575 failed.
I know from experience that this is much easier to say (in hindsight) than to do while price is moving. But one only learns from mistakes (i. e. hindsight). If all goes according to plan you don't learn anything new at all.
You win some, you lose some - if you win, stay in as long as possible, if you lose, get out when it becomes clear that no new highs can be reached (in an uptrend - no lows in a downtrend).
(Your VWAP-curve - although this at the time was much more difficult to see - also flattens, the steep upward movement gives way to an almost horizontal line. But this was not decisive, just a hint that buyers had disappeared.)
When Xard says that - at the time - H1 was down: you could have seen this looking at Xard's ZZ2-line.