Downtrend noted on daily.
Entry order placed on 50% retrace of full weekly candle, the 50% is an attempt to maximise the risk/reward ratio. If it doesn't get filled, no bother.
Stop at high of weekly candle.
Target at support suggested by weekly line chart.
Commentary by my son.
Entry order placed on 50% retrace of full weekly candle, the 50% is an attempt to maximise the risk/reward ratio. If it doesn't get filled, no bother.
Stop at high of weekly candle.
Target at support suggested by weekly line chart.
Commentary by my son.
Trade active:
Clarification .
- Target will be a few points above the obvious support.
- My requirements for a trade normally require me to place an order in advance as I don't have time to monitor the market, especially at market close.
- Current (general) preferred entry ticker conditions and entry signals are
a) Reversion to mean from overextension, providing there has been evident support from historical price action and/or a bullish/bearish pintail or rejection evident by an engulfing candle immediately after the supposed support/rejection.
b) Oscillators (Daily/Weekly Stoch as well as the Average Sentiment Oscillator) all providing confluence with a trend line/support level.
- Target will be a few points above the obvious support.
- My requirements for a trade normally require me to place an order in advance as I don't have time to monitor the market, especially at market close.
- Current (general) preferred entry ticker conditions and entry signals are
a) Reversion to mean from overextension, providing there has been evident support from historical price action and/or a bullish/bearish pintail or rejection evident by an engulfing candle immediately after the supposed support/rejection.
b) Oscillators (Daily/Weekly Stoch as well as the Average Sentiment Oscillator) all providing confluence with a trend line/support level.