I came across this chart formation the next day (3 June):
First, I noticed two antennas of the same heights formed on a 30m chart. That was coupled with the weakening Slow Stochastic on the same chart.
Meanwhile, on 1H chart, it seemed EMA200 (green line) was a resistance to the price action. So, I entered the trade @1.2289, and SL at 1.2325.
The outcome? I was again stopped out almost immediately :-(
The lessons learnt was, even though antennas were formed and price seemed to hit a EMA200 resistance, but other indicators didn't show very clear signal. The Chikou Span, for instance, was just testing the cloud in 1H chart, there was some possibility that it will bump up and down before its direction was confirmed.
A hindsighted review on this trade, it's shown that I was a few pips of SL away from catching a good ride down. Looking at the 4H chart below, perhaps I should use consider the Kumo as the resistance, and therefore allow a larger stop loss to accommodate price fluctuation around Kumo bottom. Kumo bottom is also a two-third retracement from the high on 28 May.
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