Reversal YM Future -more than expected
The first entry wasn’t working, it was at price 34162 long limit. The idea was to not break the support on a daily basis at the first time… I was wrong with that! But my stop loss 20pips saved my account.
It broke the support it was a support on daily basis and normally after that a move is expected. So minimum 100 – 150 points or pips is the ym future and the same. But after around 60 points, it looked like a consolidation or maybe they find the bottom. So buyer fight against and stabilized the down move.
The devil (price) came back and that gave me a long entry, shown in the chart below.
The first entry was arroung 34110 a bit below at the wicks I call that area hairs or better ball hairs… On the left side you see the green candles and also hairs. after that move to the up side stoped 34139 the price came back and the buyers fight against short sellers and won. So thee next move was starting and that move become better and better.
Oh I forgot to explain it is the M5 chart, that means the 5 minutes chart. Each candle lasts 5 minutes. Half of the position I sold at the local high around 34158. The rest became better and better. I never expected that but it was looking like a false breakout on the daily chart. So I expected a closing above 34170. Well done, the market runs straight into my sell limit.
I did one mistake, I sold by hand 34213. I cut my profit due to its late and close around 3 p.m. and long trading day and better end work at this point. Bad decision but had a nice meal and a walk with my dog was fun!
Is that not looking like a false breakout on the downside? For me yes and that price level is getting interesting that week. 1:0 for the bulls!
I have a great evening!
Best,
porkpie
