Though we had some sell off during the opening, I did not find much trading opportunity. Instead, I saw a new uptrend cycle was formed. Long position was established around 1010am. It was a bull flag (more on chart patterns later) combined with my dummy setup. As I take this as pattern trading, profit target was based on chart pattern. I closed the position with +2.01 R (after commission) gain. In fact, I have missed out bigger profit, after my profit target was achieved.
- Long above 1018am candle (I am using tick chart, so no fixed time for candle).
- Initial stop set at last swing low which was also below moving average.
- Target was set according to the height of bull flag.