Sorry in advance for the long post, but trying to get it all in there and not be muddled. I hope I was successful. I took the time and price off because it's really all about context and the story the bars are telling.
I spent a long time sitting on my hands this morning because we were in a very rangebound market for over an hour. Then we had a break of structure, but I was not convinced! We had been sweeping prior highs and lows so why expect something different to happen now? I was waiting for a reason to go short back into the mess.
The break long wicked into a "squishy" area of spread out small strike levels.
Okay, Great Start!
Then we had a traditional Striker entry short so I took it for a quick target of the larger strike level below with the stop at 'c' in the screen shot.
Then we had a Base form off a really small strike level. I added at the close because everything else was point short and I moved my stop to the high of the Drop bar. So I'm in double, but only increase my initial risk a little.
Todd B this is where I'm trying to show my entries.
Now the next bar wicked up into the base and was rejected so I set another set of orders to enter on the low of the base because if it hit it there would be extra extra extra confirmation of my target getting hit. After I'm in there I quickly moved my stop to the high of the BASE bar. So now I'm in triple size but my stop actually the same as my original entry at this point.
Then we had a pop down to the strike level and I'm all out with triple profits.
-- I'm REALLY NOT trying to toot my own horn here --
To me this was really a good example of smart adding and controlling the risk side of the equation. I also was not being greedy. I was aiming for a level that had already been in play a lot throughout the morning and had a pre trade plan.
I wasn't planning on adding, but the opportunities presented themselves so I went ahead with it. Any of the three entries would have been good stand alone entries.
1st: Traditional entry
2nd: Close of Base is legit entry
3rd: Low of Base is legit entry so if we wait for this one we are still not chasing the trade.
