Ok thanks @cafeole. I am posting a chart of the 2 min chart highlighting your entry bar and exit area. I want to trade some more and have not been able to for all the annotating (which I don't mind doing) but I also want to trade. Your entry and SL gives me the opportunity to explain something about SL's on BO's that is needful and also scaling in on strong BO bars. Perhaps I have only touched upon the concepts briefing in the journal in past posts. I don't remember this how far I took the explanation but I am sure I did some sort of explaining in previous posts. But here I get to review the concepts posted previously in this journal. I will get back to explaining this chart with the annotations sometime today.
What kind of day is it panning out to be according to my descriptions in previous posts in this journal? Anyone know? Hint look at the naked 5 min chart in my post #1352 above. Apart from a understanding the phase of the cycle (larger context) it is important to try and decipher "what" kind of day it is turning into. And to do it as soon as one can early in the session.
So direction was right. Fear of loss and small stop is normal -- so the direction ended up Correct but without us. But using the scaling the trade was quite profitable. (But not sure this is a correct view from the @volpri who is busy now making money which is what it is all about)
as @volpri frequently states: "There is no shortage of trades" Nor is there any shortage of Winning OPPORTUNITIES-- So, the goal is consistency which is how much profit one Keeps at the end of each trading day. Anyone can find and enter a winning trade -- it is incredibly easy. Knowing how to manage and take profits is the Key. Being a "Newbie Grasshopper" learning without cost, at the feet of Master of Scalp @volpri -- I am in no place to really post, but with all respect, I am excited to be profiting from what has graciously been offered in this outstanding and well presented ET thread -- too bad more have not found and benefited from it.
Small pullback bull trend? I assumed after the break of prev high and bull channel ended. Also, just wanted to add my thanks for this thread. Took me about a month to get through it all/practice but it's been enlightening and has helped me turn a corner.
I believe that the high of day is in and not much more to the up side. Trend channel long followed by narrow range.