what is a retracement? A retracement is a price movement that is opposite to the direction of long-term price movement. Usually the price will retrace at a certain level. I take the ema50 level as a target for the price to touch as a retracement. I also call this technique magnetic ema which means that at a certain level the ema will pull the price towards it. On the m30 time frame chart, I have placed 3 zone entries and I will TP as soon as the price touches ema50.
Comment:
price triggered first entry, second entry and 3rd entry...
Trade closed: stop reached:
SL hitted