This is one of my favorite setups and this one looked good. Price hit the R3 of the previous day and there was also a Counter Trend Trade on the previous day.
This trade was on a Friday however and it wasn’t a good week of trading for me so I decided to just exit the trade and be done with it. Only one position was hit and I just wanted to get out of it. Here is the chart:
Click above to enlarge
As you can see, price eventually hit the target. I ended up losing -1.0%.
In hindsight, I should have left the orders in place and just set a stop loss above the resistance. There was a beat flag formation that was a pretty good signal that the trade would work.
When my trading is not going to well, I have to take a step back and consider that I am making a decision under some stress.
I need to take a little time off and do more backtesting, so I will be taking a few days off after the long weekend.
I hope your trading is going well!
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