BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close below a support 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. Sell
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 below a support 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. Sell
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.
Order cancelled:
i would love to take a sell right now because price is retesting that neckline, however first thing is that the neckline is a 4hr fakeout so i am not comfortable gambling on a fakout and it is also past my trading time. i also have a rule where price needs to break the original point of break. i have adjusted my analysis, moved zones slightly up to the original point of break(screenshot below)
Comment:
arghh updated in the wrong placee
Trade active:
above screenshot is invalid.
so on gbpusd we have finally come to retest point, however although it may drop upon a confirmation candle at retest point, i will not be able to enter as its not part of my trading plan. i can only execute trades with 5:30am to 1pmish, in this case this is way out of my trading hours and i am not about to deviate from my plan even if the setup looks perfect. stops should also be adjusted upon a confirm candle
so on gbpusd we have finally come to retest point, however although it may drop upon a confirmation candle at retest point, i will not be able to enter as its not part of my trading plan. i can only execute trades with 5:30am to 1pmish, in this case this is way out of my trading hours and i am not about to deviate from my plan even if the setup looks perfect. stops should also be adjusted upon a confirm candle
Comment:
target will be the demand zone when it starts to drop. watch how candles form if it hits that demand zone because we can still drop further. or you can wait for a break and retest of that demand zone in the middle and wait for a retest.
Comment:
wait for this to complete before adding to spreadsheet
Trade closed: target reached: