It's been a while since I've published anything, so here we go!
At the last week's close, price seemed to reverse upwards, so I need to find where it's going to end up.
I identified a downward trendline, and it crosses near the level that's associated with a prior consolidation period, so most would say that there's some sort of confluence going on here.
We now make a hypothetical trade, taking a recent high as SL, and the lower level of that side-ways move as TP.
And it has a lower than 1RR, which indicates that this trade is risky.
When a trade's risky, price will often move to its SL, right? Which leads us to the next step, which is moving our entry to match the previous SL
I hope that the market will drop after it has stopped out the people who took the 1st trade.
But I do have another setup in case that fails as well.
The rest of my thoughts are on the chart above for you guys to see.
Happy trading.
At the last week's close, price seemed to reverse upwards, so I need to find where it's going to end up.
I identified a downward trendline, and it crosses near the level that's associated with a prior consolidation period, so most would say that there's some sort of confluence going on here.
We now make a hypothetical trade, taking a recent high as SL, and the lower level of that side-ways move as TP.
And it has a lower than 1RR, which indicates that this trade is risky.
When a trade's risky, price will often move to its SL, right? Which leads us to the next step, which is moving our entry to match the previous SL
I hope that the market will drop after it has stopped out the people who took the 1st trade.
But I do have another setup in case that fails as well.
The rest of my thoughts are on the chart above for you guys to see.
Happy trading.
Trade closed: target reached:
Trade closed a few pips early