Trade theory here is simple. On the much larger time frame the price halted exactly at the low of the pre-break out leg. My stop is extremely tight so I could take a large position. These trades RARELY work, but when they do.... they work in a huge way. Either your entry is off or stop is too tight. They could be very frustrating but extremely rewarding.
Last year I bought the bottom of the S&P500 at 1832 on August 24th 2015 with a tremendous amount of leverage in relation to my typical trades. The bottom for the day was 1832. That was a successful one.
A failed bottom fishing attempt was when I bought US oil at $28 per barrel in February with heavy leverage. The bottom was 26.02 - but got stopped out at 27.
The alternative is to simply bet less and keep stops wider
Last year I bought the bottom of the S&P500 at 1832 on August 24th 2015 with a tremendous amount of leverage in relation to my typical trades. The bottom for the day was 1832. That was a successful one.
A failed bottom fishing attempt was when I bought US oil at $28 per barrel in February with heavy leverage. The bottom was 26.02 - but got stopped out at 27.
The alternative is to simply bet less and keep stops wider
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Entry hit today. Reducing my risk substantially. I'm bearish, though I will not cancel the trade.
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Target at 18.50. I will short there at the closing of my long position.
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I like what I see here. I am adding in box
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