Here's what I had drawn for Jun 27 6e 5-minute. I started watching around 3:00 am.
First the purple channel, then after the breakout I drew the steep red up channel. Just before 6:00 price retested the purple upper limit and moved higher. I didn't know what to do. Do I buy because it's a retest of the purple channel, or do I wait for a touch of the lower limit of the red channel? I ended up missing the trade.
Then I drew in the gray up channel as the angle of ascent seemed to be lessening (price not able to make it to the red upper limit).
As price started moving down I drew in the yellow down channels, and the larger-scale red up channel.
My trades were:
1. Long at 7:00. Hammer at 20ema and just below gray lower limit. After this was stopped out I drew in the first yellow down channel.
2. Short at 7:30 in the yellow down channel.
3. Long off the lower red channel at 9:30. (was hesitating because price hadn't touched the line yet, entered in the big green bar as price took out the high 2 bars earlier)
First the purple channel, then after the breakout I drew the steep red up channel. Just before 6:00 price retested the purple upper limit and moved higher. I didn't know what to do. Do I buy because it's a retest of the purple channel, or do I wait for a touch of the lower limit of the red channel? I ended up missing the trade.
Then I drew in the gray up channel as the angle of ascent seemed to be lessening (price not able to make it to the red upper limit).
As price started moving down I drew in the yellow down channels, and the larger-scale red up channel.
My trades were:
1. Long at 7:00. Hammer at 20ema and just below gray lower limit. After this was stopped out I drew in the first yellow down channel.
2. Short at 7:30 in the yellow down channel.
3. Long off the lower red channel at 9:30. (was hesitating because price hadn't touched the line yet, entered in the big green bar as price took out the high 2 bars earlier)
