1.WAIT for a 4hr close below a .
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
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.
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