Sold: 1.08959
Stop-out: 1.09036
Loss: $104.02
Analysis Using Top-Down Approach
Daily Timeframe
The price failed to create a higher high in the daily timeframe. It is at the major strong key supply order block level, i.e. sellers are waiting to enter a short position.
4 Hours Timeframe
Price is potentially turning bearish (mistake to assume price is turning bearish!). Should wait for further confirmation that price is going down, i.e. break of market structure.
1 Hour Timeframe
Go down to the smaller timeframe to analyze the chart, i.e. to enter for a sell position. Mistake: nothing in this chart signals a sell.
15 Mins Timeframe
There’s a break of market structure in the 15 mins timeframe, hence, decided to enter for a sell. Go down to the smaller timeframe (10 mins) to look for an optimal entry price.
10 Mins Timeframe
Identified the supply order block. Enter for a sell position when the price goes up to the supply order zone.
Set alert at 1.0896 (triggered). Entered for a sell at 1.08959, which got stopped out.
Lessons Learnt
The price went back up to re-test the major key supply zone. Should have placed stop loss further.
