Enter trade based on the big reddish bearish candle to the left which suggest there is supply overbalance, follow by wick candle spike preventing price from closing above the zone. Set limit order with a 15 pip SL, target price at T1 or T2 based on price action.
The spike suggest there is a strong supply at the level. Price fail to close up at the zone but instead retrace back down follow by a small weak pullback up. Entry is based on the red candle marked which engulfed the the weak pullback, this suggest that price could possibly break down.
Entry due to (A) which supply turn to demand and (B) wick candle suggesting there is more buyer than seller. Take profit is just below the supply zone.
Close trade for -5 pip. Reason for closing the trade was due to the bearish bar next to the bullish bar, indicating that price would most likely go below the zone and hit my stop. It was a bad trade due to failing to look to the left and seeing where price had bounce, indicated by the red line. I should had look to the left and ask myself where price would most likely had reverse and would had see that it was a bad trade in the beginning with a terribly R:R and had not entered it.
Trade might fail due to early entry and did not wait for candle to close.
Reason for entry is due to the inflection point showed by the red arrow marked, the current bearish candle break under the candle wick which preceded the bullish candle, and lastly the candle broke through current demand zone. Preferred target is the second demand zone shown on the graph, but since it’s a Friday I might end up closing the trade early.
Close trade for 3 pip. A pinbar was forming and most likely would retest 1.06374 and hit my stop. Scenario might result in either A or B, better wait and see.
Entered trade based on the bearish candle followed by a pinbar which showed rejection from supply. Decided to entered trade and wasn’t able to manage it due to work, would had jump out of this trade if I was at the screen seeing the pinbar which proceeded this one.
Reason the trade fail:
This was a trade that should had been avoided due to (A), mini supply at that level and (B) that spike rejection hinting that there is still a strong supply level there and I should had gotten out with a small loss instead.
Price break through zone, but break back down then followed by another attempt to which show by the blue candle spike. Sign of price respecting the zone is that after the candle spike it did not break back up but instead followed by two bearish candle and a candle spike before my entry which hinted that the zone could had possibly still be held valid.
