Interesting chart for S&P500 emini 5 min this morning. As of 8:20 I only wanted to buy because I saw a large uptrend, a big weird rising channel. I made a late entry around 10 am when price appeared to be close to support but only after calming down. Just before price plunged to support but I would not buy on a plunge because I don't know what will happen with that much momentum. So then I was stopped out fairly soon after, then price took off like I wanted it to.
I made a mistake. I bought too high because I did not draw an accurate rising channel. I just didn't see it. Now assuming I saw it and anticipated the correct support, I am not sure if i would have entered because price barely hit the support I THINK i should have been using. In the end, I should be more careful with drawing S/R levels and I lost 1.75 points today.
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