ADA: bullish breakout from order block and consolid. high (1,2R)
I've set the stop limit order for that trade according to the long entry in the chart.
Background:
I'm generally bearish and I want the price to convince me that we have a reversal. Otherwise I'll just trail my setup down until there is a real reversal.
Hypothesis:
To have a highly probable successful trade (please tell me if there is a better wording for that) I want to trade a bullish breakout from an order block and from the high of the consolidation. I expect the breakout from this high to be the start of the reversal.
Target:
The order block that led to a very sharp move down.
Stop loss:
Below the consolidation high and the lower order block
Position size:
The full 20% of my portfolio which I planned for ADA.
Advantage:
o I expect to be in a trade when ADA reverses the trend.
o The void between the entry and the target.
Disadvantages:
o Only 1,2R
o Risk of 8,2%
Disclaimer:
I'm a bloody beginner learning trading since september and I'm only publishing that to make use of the teddy bear effect. I expect to be more aware and conscious about what I'm doing by making it public and to also motivate me more to review my trades correctly. This is why it is obviously not financial advice.
Your feedback is welcome!:
Please tell me your opinions as I'm looking forward to other views on my trade idea in the comments and please click thumbs up if you like it.
Background:
I'm generally bearish and I want the price to convince me that we have a reversal. Otherwise I'll just trail my setup down until there is a real reversal.
Hypothesis:
To have a highly probable successful trade (please tell me if there is a better wording for that) I want to trade a bullish breakout from an order block and from the high of the consolidation. I expect the breakout from this high to be the start of the reversal.
Target:
The order block that led to a very sharp move down.
Stop loss:
Below the consolidation high and the lower order block
Position size:
The full 20% of my portfolio which I planned for ADA.
Advantage:
o I expect to be in a trade when ADA reverses the trend.
o The void between the entry and the target.
Disadvantages:
o Only 1,2R
o Risk of 8,2%
Disclaimer:
I'm a bloody beginner learning trading since september and I'm only publishing that to make use of the teddy bear effect. I expect to be more aware and conscious about what I'm doing by making it public and to also motivate me more to review my trades correctly. This is why it is obviously not financial advice.
Your feedback is welcome!:
Please tell me your opinions as I'm looking forward to other views on my trade idea in the comments and please click thumbs up if you like it.
Comment:
1D TF:
