240 jaws up, testing HL 5 bars previously (w HV)
60 MAs flat testing previous HL with vol increase
10 downtrend had increasing vol, churn at lows, DTLB, broke AR with push through at 7pm
This is a best setup (based on high win % rather than R:R) because there is no doubt which way I should trade. Keying off the big TFs I had the momentum and volume in my favor. The concern was in trying a buy so high up on the 240, but I believed I could get a scalp on the pop off support. I only targeted 32 pips (the highs seen on the 60). The trade was a Set n Forget as I left to football with stop set to BE at 8pm.
My exit was at the highs which then reacted with a brutal sell-off erasing all the gains with high selling volume - a reminder that taking the conservative gain was best rather than trying to milk this for more. Only the buys at potential beginnings of trends should aim for multiple R targets.
Result: +1R
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