"A critical note to make is if we get stopped out at the level marked, this will resemble a bullish flag and an inability for sellers to resist price, therefore, our bias would change positive technically, but remain negative fundamentally. We would then buy the pullbacks with caution, and advise against trying to force the short trade since we had a B.O.T. long signal following a bullish flag and support of price by buyers."
We had a change of trend, buyers stepping in to support price. We got stopped out on 2 of the 3 contracts, meeting target on the 1st, for a net loss of $20 on that position.
Here is an example of what we said we're going to do if the above happens, buying the pullback in the bullish flag:
- Our risk is $35 maximum
- Our profit target will be at 10 points, or $200.
- 5.72 risk reward ratio initially
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