The winning trades of the day consisted of a trade on Tesla on the 5 minute chart.
One of my strategies is the bull engulf candle. The requirements for an entry using this trade are as follows:
A rejection of a bearish candle at or close to the 20 period moving average
Bullish engulfing bar to also be an elephant type bar
Other time frames checked for no imminent resistance eg 200 period moving average
Asset is generally having a bullish sentiment on the higher time frames
This trade was successful and the entry and exit points have been marked on the image. I did not touch my stop loss and because I didn't keep looking at the chart I revisited it later in the session, this helps a lot in not making any bad decisions.
My reason to exit when I did was due to the fact that there had been another bullish engulfing candle later in the session but after this it was clear that this bullish sentiment was not continuing. As I was already in profit to the extent that it was three times my risk i exited the trade, which turned out to be a good decision.
Trade Cleary!
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