As the US markets sell off, it is important to leave panic at the door and come up with a favorable statistical setup for this potential MASSIVE opportunity.
To be clear, as a trader, the macro direction remains bullish; however, the daily time frame can provide us with a nice, high quality setup for the time being.
I want to play the 21/55ema cross on the daily as it has provided some nice setups in the past. With the beautiful pivot that we have created in the last two days, I'm looking for price action to get pulled into the cross, and get rejected off the 21ema. Also confluent with a liquidity zone in that area.
If a daily candle closes above the 21ema, I will be stopping out completely.
Look for the 12ema on the RSI (Using 22 period in this case) to provide resistance as well. This may be an early hint that price action wants to take a leg down.
This is just what I'm doing, its not financial advice and I'm definitely not qualified to do anything other than sit on my chair and stare at reddit all day.
Good trading to all!
To be clear, as a trader, the macro direction remains bullish; however, the daily time frame can provide us with a nice, high quality setup for the time being.
I want to play the 21/55ema cross on the daily as it has provided some nice setups in the past. With the beautiful pivot that we have created in the last two days, I'm looking for price action to get pulled into the cross, and get rejected off the 21ema. Also confluent with a liquidity zone in that area.
If a daily candle closes above the 21ema, I will be stopping out completely.
Look for the 12ema on the RSI (Using 22 period in this case) to provide resistance as well. This may be an early hint that price action wants to take a leg down.
This is just what I'm doing, its not financial advice and I'm definitely not qualified to do anything other than sit on my chair and stare at reddit all day.
Good trading to all!
Trade active:
My entry zone was hit, I will be short as long as we are living below the 21d ema. To be clear, I will only stop out on an open and close above the ema.
Trade closed: stop reached:
Closing position today as we are likely to open and close above risk management area. If you have been following this trade, thank you and I will post my next ideas shortly. Trade safe my friends