DislikedSo, the entry was the break of previous candle's low, not at the opening, right?
Can you show your High/Low of your green resistance fib?
ThanksIgnored
Here you go ,notice is a 4hr chart.
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DislikedSo, the entry was the break of previous candle's low, not at the opening, right?
Can you show your High/Low of your green resistance fib?
ThanksIgnored
Disliked"Opening of the next candle" as an entry is fine ,you can use that if you wish.
Here you go ,notice is a 4hr chart.Ignored
DislikedActually I meant "opening at the candle with green arrow".
I take a long shot at the break of Swing Long..but price seems like out of steam..so I am out with small profit. Are there any resistance that I am not aware of?
Or it is because of the incoming MPC news?Ignored
DislikedIf you look at the chart you can see mkt. is ranging.Look at the wigs of the previous candles. It's like they tell you a story .Big wigs on all candles approaching Intraday high area.This means every time the buyers pushed the mkt. up sellers kicked in. An rejection is to be expected in this scenario.
But is good that you realize once you open the position it won't go far and took profits!Ignored
Dislikedspeedarad,
Good analysis, very informative. They're wicks, btw, like the wicks of a candle.Ignored
DislikedBut, when will we know the ranging is over? Is it when the T1 reached?
May I see your setup at daily TF?
Thanks alot Speedarad, you help me alot...Ignored
DislikedYeah ,if you reach T1 you are out of the range for now.if you want to trade the breakouts is indicated to take the breakout in direction of the major trend (down trend in this case).But even the breakouts to upside could be consider as long as you have enough room to next resistance level.
I usually wait for a clean breakout an then trade above (below) that candle.Sometimes I missed trades if the breakout candle is too big and it close to close to T1.Ignored
DislikedWhat is your High and low range fib level right now ?
mine is 4318 and 4092. I would trade break out of the high or breakout of my up move short sitting at 1.4068.. But a question that i always have is when you get in in the breakout candle. What do you use as a stop loss if you use any ?
thxIgnored
DislikedThis is ,more or less my favorite breakout scenario after a ranging day.In this case I would take the trade as soon as the mkt trades below the lowest low.
Jan 22 was a ranging day (bet blue line and red line) and in early ours of 23 jan mkt. starts moving down.If I see a concentration of small candles getting closer and closer to the breakout line I'm ready for the breakout.The small candles here is just an concentration of orders and usually when you see a formation like this the mkt. tend to breakout with a lot of power .T1 is reached...Ignored
DislikedBecause ,previously,I got tested 4 times on the aproax .same level .It's a personal preference.Remember, this is an discretionary system,not a mechanic one.You don't deal with the same problem always the same!Ignored