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Today I entered a trade on NK225 trying to bet on a MTR bottom. Turned out the market did reverse as predicted, but I get stopped before that 🙁
So the premise is a strong downtrend followed by a reverse that breaks the trend line and reach the 20MA. So I wait for a second leg to form the MTR pattern, and get long at the second push in the second leg (as shown by the arrow), putting the SL at the recent low. But then the market quickly reversed and form a third leg and wedge bottom before finally rising.
Wondering if there is any fault in my analysis, or any way I can manage the trade better. Maybe the first reversal is not deep enough for such strong bear trend? Maybe the SL is unreasonably tight? Or it's just bad luck lol? Would be grateful for any feedback!
I placed few trades in nk225 as well. I went long during the first attempt because the PA was stalling around yesterday's close ( market hours) and the hourly ema (I also saw a Double bottom) but i got out as soon as the bear bar formed. Then I saw a strong bear microchannel, 5 consecutive bear bars, so at the point i was expecting the first reversal up not to go very far. Then we had 2 dojis so a bit uncertain but i was still bearish in my mind. ( Bulls needed to do more for a MTR).
Then we had that beautiful bear bar but i didn't sell it 🤣 🤣 .
If the market had formed a double bottom with that big bull bar i would have definitively considered to go long for a MTR