I’m seeking your thoughts on how I handled this trade

Hello fellow traders,

I'm seeking your insights and critiques on a trade I took that didn't go as planned. I'm eager to learn from this experience and would appreciate your honest feedback.

Trade Details:

1. Price Action Context: In the last 9 sessions, the PA shows that we are trading in a Trading Range (TR).

2. Market Behavior: Today, for the first 5 hours of trading, it appeared to me that we were in a Broad Bull Channel. Although bulls were making most of the money, bears also made money on several legs in between the bull move.

3. Setup: After making the last Higher High (HH) of the day at B40, from B40 to B52, it appeared that we had a Wedge down with 3 legs on B41, B45, and B52.

4. Bullish Signal: B53 and B54 looked like 2 strong bull bars, with B54 breaking and closing above the trendline formed after the 3rd leg of the wedge.

5. Entry Decision: Since the market was pretty tight, instead of buying on a stop above B54, I decided to buy a Pullback (PB) below the low of B54. (Perhaps this was my mistake???)

6. Stop Placement: I set my stop below the low of B23.

7. Outcome: As you can see, the market moved down so sharply that even though I tried to get out at break-even

   

   after seeing how B55 formed, it never came to the bottom of B54 to get me out... so my stop ended up getting hit.

8. Hindsight Observation: Looking back in hindsight, I am seeing perhaps B53 and B54 was the right shoulder of the Head & Shoulders (H&S) pattern that I failed to see, maybe??

I would really appreciate it if you could point out my mistakes and recommend any specific videos from Al Brooks’s studies that address these issues. I’d love to know what they are.

Thank you so much.