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First trade of the journal: I had taken a short in the previous candle as it is a completed reversal pattern at the top of a range. Stop above the reversal pattern, target is at least the bottom of the range.
P.S.
I've seen most of the video's of the first part of Al's trading course (price action fundamentals), and now want to improve quickly. I still consider myself a complete noob though.
And price went the other way. So I went long as the ii pattern got broken on the upside.
Added 25% on the L2 at 17:40
An ii pattern short opportunity came up. I'm not taking it though as I feel it would add risk at an bad point to do so. Late in the trend and after an ABC type pattern. I'm curious how others deal with these situations. Do you add when you already have a position and you see a setup like this?
Just took profits and went short. We've had a good run and the high was retested twice, so I consider the risk of going down as higher than going up. In hindsight it wasn't that good that I went short at the bottom of local range. I should improve that in the future.
Edit:stop is right above the swing high.
