Given the recent bullishness in crude oil, I was expecting it go higher. I set a stop entry buy when it broke above the mother bar on 5th July. However it turned out to be a false breakout. Price retraced back within the inside bar.
It was a false breakout and such price action is known as a hikkake pattern.
But somehow I just didn’t “see” it. I didn’t know what got into my head and completely missed it!
Should have liquidated my long position and turned short immediately. But I didn’t because I totally overlooked this hikkake pattern. I was stopped out in the end.
Well I am not sore about it. Just another learning experience for me. I need to open my eyes bigger in the future! 🙂
Moving on to the next trade!