This was a beautiful trade. One iof my cureent goals is to stop taking reactive entries and wait for retests, precise levels etc., as I have seen how much safer this way of trading is.

Today, I saw the compression satrting to form at R2. I was short so I had some feelings about where I wanted the market to go, but I also wanted to take a compression and get long as yesterday and ON were so strong.

At 10:11 there was a big green bar out of the TL and I didn’t take it – because that would have been an impulsive entry. At 10:14, it dipped down to the TL (see H1 chart below) and immediately reversed which got my short to its +20 target. This meant that it was, in fact, a broken triangle reversal – one of my favourite trades. at 10:17 there was another big green bar which reversed immediately; if I had jumped into this trade with a 10pt SL, I would have been stopped. I was so pleased with myself to avoided trading these big bars and sticking to my plan.

My brain was getting so much out of not trading that when real trade entry appeared at 10:18 and 10:19 I didn’t take it … with 7 minutes to think about it, I had come up with all kinds of reasons why it was a terrible trade … even though it was one of my best setups.

M30 chart showing the sighificance of the T as the upper edge of the rising wedge

THOUGHT PROCESS: the most likely issue here is that System 2 thinking is required if I have to wait for the setup and it works differently, allowing me to talk myself out of the trade. It seems I rely on System 1 to jump into trades without worrying, but I need to use System 2 for consistent success and it can be trained. See Learning to use slow-thinking

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