Planning to take a short position if price should move either way:
Scenario 1 (Green Arrow):
1. Price keeps moving up and breaks blue area
2. Breakdown under blue area
3. Short on retest of blue area
Target: A big S/R level + depending on the next moves could be around 50% fib level
Stop- Loss: Above blue area
Scenario 2 (Orange Arrow):
1. Price doenst break blue area
2. Breakdown and formation of lower swings
3. Reclaim of green line (former Resistance level)
4. Short on retest of green line
Target: A big S/R level + depending on the next moves could be around 50% fib level
Stop- Loss: Last recent Swing High
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Scenario 1 (Green Arrow):
1. Price keeps moving up and breaks blue area
2. Breakdown under blue area
3. Short on retest of blue area
Target: A big S/R level + depending on the next moves could be around 50% fib level
Stop- Loss: Above blue area
Scenario 2 (Orange Arrow):
1. Price doenst break blue area
2. Breakdown and formation of lower swings
3. Reclaim of green line (former Resistance level)
4. Short on retest of green line
Target: A big S/R level + depending on the next moves could be around 50% fib level
Stop- Loss: Last recent Swing High
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Trade closed: stop reached