50 pips risk. can probably target something like that low trend line now that the June 16 high wasn't broken? I don't trade what I think is going to happen, I trade what is happening. Objective decision making with position sizing and risk management first and foremost; Not prediction. I'll get long on my stop loss and not bat an eye.
Being mindful of those older highs and using a very conservative limit order with a tight stop expecting a potential range. Weekly chart looks good for a big pullback before I get short here again. I'm dollar long in the next couple weeks across the board "I become a buyer when a stock makes a new high after a normal correction." Jesse Livermore
I'm Short @ 1.1275 on that last break low. Wide stop at 1.14 watching closely tonight. Goodnight from NY.
It was May 15th the last time this asset dropped so much in 8 hours. Look at those downward bars. 80 pips in 8 hours close to close.
Top trend line drawn off first set of highs in this downward range. Cloning that gets you the matching most recent lows. It's clear to see the top trend line being tested and now we're at the most recent support level created off the previously broken lower highs. My SL is @ 1.335
"The people who excel in any field are people who realize that the moment is there to be seized- that there are opportunities at every turn. They are more alive to the moment." - Charles Faulkner
New lower low, hasn't closed outside the previous higher low though so don't get aggressive yet. "Here's the essential conundrum: investing requires us to decide how to position for future developments, but the future isn't knowable." -Howard Marks
The higher the time frame the higher the probability of success. if you watch Weekly, Daily, and 4h charts you lay the foundation for shorter term success.
Could the primary trend be changing? time will tell.
Just entering now doesn't manage risk. so where do you place your stop loss? and what round numbers are institutional traders watching to make this attractive? "Change is not merely necessary to life- it is life. - Alvin Toffler
"Maybe we should teach school children probability theory and investment risk management." -Andrew Lo
"Follow the trend to the end when it bends." Ed Seykota
Capitol preservation is your first priority. Manage risk like a professional or you'll never be one.
Waiting for a close below the previous low of the last trend. Setting a limit sell with a 50 pip stop at the last lower high
The nature of markets is to trend. The nature of life is to trend. John W. Henry
50 pips risk