My trade of the week 18/2024 - $CCJ LOD break/ ABCD combination
How I set the bias
On 30th of April 2024 CCJ 0.00%↑ gapped down below several previous doji candles, indicating weakness.
On the 60-min chart, it showed an ABCD pattern.
To be honest, I was not expecting the move below the B point on the 60-min chart at all. It was just another confirmation that a break of the previous 60-min candle would cause a lower move.
5-min chart was reminding me of a 3BAR play pattern too.
Entry rules
I entered on the 1-min chart using the candle overlap method I use so often. The stop I set on the previous 5-min high candle - as it was a 3-bar play.
Trade management
Being such a tight stop and seeing the potential to retest the previous daily swing, I let my 1 to 3 automatic range order hotkey to do its job and indeed that was the exact bouncing point.
As it turned out, even the pre-market low would work as a target on that day, but I do not have a plan for such far targets with this strategy. I followed the plan to 100% by not looking at it at all.
It was a fire and forget trade for 3R in just 6 minutes.