Hi
@barret81
I think I can see what you have done, and why you have done it.
Firstly, Is the trade just for the short term, or as an overnight hold ??
or something to be held longer ??
Anyway, on that last 30min chart I can see that the spread has narrowed considerably on the last downbar, and volume was the highest for the session, and at the same time price was pushing down into your potential support zone.
This infers some buying or support has possibly come in (it may only be speculative support at this stage though, I don't know...what was the value of the volume on that last 30min downbar.......if the dollar value was substantial....it may be more than speculative support)
So yes, the entry makes some sense, and I can understand what your thinking was.
That said, the entry is risky no doubt, but if you are prepared to accept that risk (especially it the trade forms part of a (tested) trading plan), then it is fine.
.
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I will just point out (seeing this is the Wyckoff (and VSA) thread) that Tom Williams sometimes mentioned that women often made better traders than men.
Mainly because men had less Bravado, and would not take unnecessary risks with their capital. Men are often the big risk takers, which is fine when they come off.......but can be very concerning for your account when they don't (and as a trader, a certain percentage of trades will not come off).
The concern with this entry is that you will need to see some sort of reversal tomorrow, and even if you are right (and in hindsight we can see that you have correctly picked the bottom), if price tests or shakes out tomorrow before responding positively, your position will be vulnerable.
Finally, while you may have used the Wyckoff/VSA understanding of the price action to select your entry, I should probably point out (for other readers of this thread) that it is not really a trade that Richard Wyckoff would have encouraged. He did not recommend 'catching a falling knife' , and most commonly traded the mark up, and mark down phases in a trend, where risk should be lowest.
hope the trade turns out well for you
cheers
