Looking at my chart screenshots, I might’ve broken all of my rules on this trade. On the daily chart, I don’t see where I faded an opening down-move (though, I did sort by negative moves on my screener, so there was that), and looking at the 3 min. chart, it doesn’t look like the bottom of a retest, or a base or much of a pullback — just one candle.
Actually, I take that back, I do see on the daily chart that there was a gap down this morning, so I did fade an opening move, so that’s positive. And overall, there’s clearly strength, so that’s another positive. And I’ll even say that getting into the trade where I did was also a positive, as I got in on a quick pullback when the stock still had buying pressure, rather than on a base where there’s no pressure, or a strong reversal where there’s selling pressure.
Entry 1 – $82.40, $83.03
Target – $84.00
Stop – $82.00, $82.72
R:R – 4.00, 3.13
Entry 1 – $82.42
So based on this hybrid-type set of rule that I’m using to trade, I: Waited for the market to “breathe”, watched for the direction of the overall market, took a trade in that direction, faded the opening move, and got in immediately when I thought price would push up.
Entry 2 – $83.03
Additionally, when price did start to base for a while, I put on another entry order, which triggered, giving me more gains on top of what I was already set up to get.
Exit – $83.36
All-in-all, I’m saying that today was a win, both in strategy and (obviously) with the result. But, despite the patterns not looking exactly perfect, and there potentially being some extended moves, they weren’t exhausted and I got into trades with little hesitation. Don’t start thinking you’ve got it all figured out — can’t get cocky and make mistakes — but this is a nice confidence booster, and I have to continue laying bricks and just keep swimming
