Filled with awe, I watched price rallied to my stop. It started out as a beautiful setup, and full of promise until bullish bars happened. I think I have had quite a handful of trades that fit this discription; but the one that annexed my thoughts is "SELL EURJPY: SYMMETRY TRIANGLE RESISTANCE IN CONFLUENCE WITH FIBONACCI CLUSTER". Can one ever get used to losing the good trades?
On 4-hour time frame, Fibonacci retracement tool was drawn from swing "1" down to swing "2". Another was drawn from swing "2" to swing "3", and then to swing "4" - hence, the Fibonacci retracement-expansion cluster (note region covered by the green lines).
On 1-hour time frame, demand channel appeared to be in confluence with the cluster. When price bounced off the confluence, I was presented with the opportunity to go Short. I sold the pair at 1.3163, Stop Loss at 1.3190 (27 pips -- above the most recent swing high), and target at 1.3028 ( 135 pips -- support level). Trend line cluster that came before my target is a support level that could bounce price against me.
EVENTUALLY
No sooner had I executed an order than bullish bars formed. Price went high, higher and higher.
I joined the low of small swings (where I had drawn a demand channel) to find out if I could technically explain why price rallied; but even that could not suffice as price did not actually test the support trend line.
Profit/Loss: -27 pips
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