Fade flip play – an intraday opportunity

Lately we have been investigating a potential new play for our playbook. Since it has passed a “clinical testing phase” I have decided to fit it into my “lower size” tradable plays. By lower I mean a 1/4 of my average R. The working name for this play is “fade flip” and will be described on this blog in the upcomming weeks.

Anyway, today I have decied to go long on fade flip at 3050round with 1/4size. The critical mistake was the structure of the trade before the entry. After the strong break (yellow area) I was expecting a retrace. That didnt happend and new high was created. Then EURUSD retraced a bit but not as low as 50. After this slow retrace which didnt hit my pending it has created a new higher high. With new high being created I should have cancel the pending order. Why you are asking? What do you think? I ll explain that in a more detailed post.