BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close above resistance zone
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. buy
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
PLAN:
1.WAIT for a 4hr close above resistance zone
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. buy
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
Comment:
Don’t add to spreadsheet
Comment:
Analysis still valid
Comment:
im going to kill myself because i waited sooooooo long for this trade to develop only for me to miss it. below you can see how price was behaving, it consolidated after it made a minor break to the upside. however it couldnt go down so there was only 1 option left, GO UP. You can see how the candles were closing and wicking, you can see the bulls entering the market. stunningg
Trade closed: stop reached:
stops were hit