Hey guys!
It's been a while since I posted any longer term trade setup.
I like to trade the weekly timeframes every once in a while. It forces me to stay disciplined with my position sizing and teaches me patience (which I really need), since I might be sitting in the trade for two three weeks.
Today's setup us also simple:
Price has rejected (twice) from a weekly supply zone (you could even call it a breaker block) that broker HTF market structure and we have an inside candle (still forming, couple more hours to go, but very likely).
Stop goes above the local highs - this could be considered aggressive, safer SL placement is above the supply zone.
With target placement I'm aiming at previous lows. I think Christmas low is an inducement and price will like to take this low.
DXY is closing the weekly as a pinbar in a supply zone as well. It has local highs around 104.2 that I'd prefer it took, but still a decent setup I think.
Trade is 3.2R as is. It makes sense to me to use this Weekly short bias to look for more and better shorter term opportunities with this (or correlated) asset.
It's been a while since I posted any longer term trade setup.
I like to trade the weekly timeframes every once in a while. It forces me to stay disciplined with my position sizing and teaches me patience (which I really need), since I might be sitting in the trade for two three weeks.
Today's setup us also simple:
Price has rejected (twice) from a weekly supply zone (you could even call it a breaker block) that broker HTF market structure and we have an inside candle (still forming, couple more hours to go, but very likely).
Stop goes above the local highs - this could be considered aggressive, safer SL placement is above the supply zone.
With target placement I'm aiming at previous lows. I think Christmas low is an inducement and price will like to take this low.
DXY is closing the weekly as a pinbar in a supply zone as well. It has local highs around 104.2 that I'd prefer it took, but still a decent setup I think.
Trade is 3.2R as is. It makes sense to me to use this Weekly short bias to look for more and better shorter term opportunities with this (or correlated) asset.
Trade closed: stop reached:
Tight SL got stopped out. Still looks good to me, will re-enter
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