Ok so here’s my first loss.
Cable had turned its trend the previous day and had channeled north over night.
At point 1 price made what I felt was a last push north. It broke north of an upwards channel, without convergence on the MACD and with price printing a high test bar at the R2 which was also around the 1.6100 psych level.
When price printed another hi-test bar with a lower high and lower low I decided to go short. This is one of my TACT trades and I went short at 6085 with a Stop-loss at 6106 (5 points above recent high and 1.6100 round number.)
Initally price pushed short and price went about 5 points positive before turning again and heading back north. For a moment it looked like it was about to print a double top before rolling over. But it was not to be. Price continued pushing north and took me outr at my Stop loss for -21 points.
This was a day on which cable was only going in one direction…straight north. In hindsight its easy to say I should have gone with the trend but my overall strategy is about looking for a confluence of events. Price breaking north out of a channel, with divergence, priniting a reversal candle, at a psychological round number, which was also very close to the daily R2 was enough of a confluence of events to take the short trade.
So my first loss…for 21 points. But overall I’m still up for the week. Tomorrow is another day.