Welcome to the Marvel Traders Hub, it's the 18th day of may and we are here to share with you the first trade we enter for the week the things that played.
During the early hour of the day, we waited for price to sweep below the previous week low with a dragon-fly candle stick formation, then we entered for a long defying our initial plan and section which was waiting for price to tap into our 1-hour order block and show some sign of rejections before thinking of the next step to take. But at this point, we didn't play by our rules which lead to a failed trade for the day and it was just one bait we signed up for the day with was lost due to our lack of patient for price to drive down to our "poi"
Reason for
The major reason why the trade took us out was because we failed to acknowledge that the market will be needing for fuel (liquidity) to drive bullish because it has been driven bearish for a while now, so at this point, the market created some liquidity upon its opening and decided to take out those liquidity before going bullish, and at that point we were part of the liquidity the market took out.
On the chart below, you will see that after the market taking us out, and taped into the 1-h order block, price decided to drive higher even more than our initial target.
Had it been we waited for the right setup, according to our analysis the market would have given us up to 10× our risk as a reward.
It's another day to journal our trading activities and we look forward to sticking on our plans and waiting patiently for the right setup.
Thanks for reading through and watching the video as well.
- All screenshots are from our trading view PC.
- The thumbnail was auto generated using the 3speak.tv web
- You can click on our live trading view chart
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