///Last week, I published 9 Pistachio charts .. all of them were within the limits of the plan///
These charts are not intended for trading. They are meant to align you with the market by giving you the direction of the market (bullish / bearish / ranging) and the expected limits where price should move during the week.
Try to trade with the trend by waiting for price to go into the buy/sell zone before taking a position according to your trading style. Also, be realistic in your targets by using the target zone as a possible area where price could correct or even reverse.
Note: Some weeks you will notice that price will trade against my trend direction but will never break the market limits. That is just a sign that market is in a correction phase
** You can access all my Pistachio charts by clicking the 'PCP tag on my page
These charts are not intended for trading. They are meant to align you with the market by giving you the direction of the market (bullish / bearish / ranging) and the expected limits where price should move during the week.
Try to trade with the trend by waiting for price to go into the buy/sell zone before taking a position according to your trading style. Also, be realistic in your targets by using the target zone as a possible area where price could correct or even reverse.
Note: Some weeks you will notice that price will trade against my trend direction but will never break the market limits. That is just a sign that market is in a correction phase
** You can access all my Pistachio charts by clicking the 'PCP tag on my page
Comment:
How to connect between the daily & H4:
Comment:
this break of last week's low before we retrace could be a bear trap before a deep retracement. So please be careful
Comment:
xiiimik asked:
About the last point, why do you think so?
My answer:
The usual chain of events is to see a retracement at the beginning of any new period before the actual commencement of the original move or a reversal of it.
Continuations prior to retracements have one of 2 reasons:
1. A very strong move that produces Marubozu or opening Marubozu candles for the period (so in this case on the weekly chart)
2. A bull/bear trap
So when I go to the weekly chart and I look at last week's candle, I'm not expecting option 1 to happen because the momentum is still at the beginning and there s nothing to drive such a strong move. If things develop, then I will adapt with the new events
Good luck
About the last point, why do you think so?
My answer:
The usual chain of events is to see a retracement at the beginning of any new period before the actual commencement of the original move or a reversal of it.
Continuations prior to retracements have one of 2 reasons:
1. A very strong move that produces Marubozu or opening Marubozu candles for the period (so in this case on the weekly chart)
2. A bull/bear trap
So when I go to the weekly chart and I look at last week's candle, I'm not expecting option 1 to happen because the momentum is still at the beginning and there s nothing to drive such a strong move. If things develop, then I will adapt with the new events
Good luck
Comment:
I hope non of you are stuck in a short... I will be really upset
Comment:
Monday Evening Brief:
Still waiting for a retracement into the sell zone
Still waiting for a retracement into the sell zone
Comment:
Finally, we have movement towards the sell zone. I don't think we should go too deep in there so maybe we can get a position soon
