The price broke the trendline, I thought it was doing a break and retest to go in reversal
or I was going to exit on the marked support
If the Take Profit was the same distance away from price as the Stop, it would have been a winner.
It’s much harder for price to travel further directionally.
It’s not what you did wrong, it’s what you can learn and gain from this.
The higher time frame is bullish and had a retracement to 61.8% and is moving up and away, so your higher probability setups will be with the higher time frame direction
On the hour, price is making higher lows and respecting them. You don’t have a cause for a reversal trade unless your setup is intentionally counter-trend for a short term hold.
Trendlines are subjective. I draw them where there is the most points of contact, you may draw yours differently. In either case structural points made by price are more important than the trendlines made by us. Price didn’t break a structural low to prove that it really wanted to go bearish.
As EmeraldEyes pointed out, if you went for a 1:1 or took profit at the neckline of the double bottom, this would have been a winner.
Hope this helps
I was thinking the same on the choch , but everyone was saying its gonna break and retest so I went short
And I dont see the double bottom, where is it?
Youre right
I was wrong on the choch, not seeing the daily time frame and not seeing the double bottom
Trust your own analysis. Everyone else has an opinion, you have a vested interest.
That’s the thing, try to trust your own gut rather than following someone’s direction.
5 red candle trend reversal