ADAUSD: Looks Like $90 Cents Avoided With More Upside Continuing
Hi Everyone! When I posted the first publication, the potential was there to fall to the B-Band Basis at $0.90 in the 3-hour time frame. Well, the Green RSI has turned up since then; avoiding going down to the B-Band Basis in the 3-hour and holding the White Upper As Support. If you are a scalper and you were looking to short to $0.90 cents, that was not the time. WHY? The trend in the 12-hour and 24-hour still showed upward pressure. Why am I mentioning this? Because you want to scalp WITH THE TREND... NOT AGAINST IT. Meaning, you would wait to open a long position rather than opening a short. The Trend is Your Friend. ; )
Anyway, it looks like we have avoided going down to $0.90 cents. Simply wanted you to know this.
Happy Trading and Stay Awesome!
David
Anyway, it looks like we have avoided going down to $0.90 cents. Simply wanted you to know this.
Happy Trading and Stay Awesome!
David
Comment:
UPDATE:
It's IMPORTANT to note the following when considering planning and executing a HIGH TIME FRAME SCALP using the Short Term Group of time frames:
KNOW YOUR TREND "established" in the 12-hour, 24-hour, 2-Day and 3-Day. If upward pressure is the TREND in those time frames at that particular time, you need to PLAN to open margin LONG positions instead of margin short positions. WHY? To trade WITH the Trend.
Be PATIENT and WAIT for an opportunity to margin long without over trading AGAINST the trend. When certain time frames in your short term group show upward pressure is going to resume WITH the trend established in the near term group, you can then execute your trade.
Don't forget to set your stop loss if using CROSS leverage. If using ISOLATED leverage, you may consider having no more than 2% of your capital in the trade without a stop loss because you are only risking 2% of your capital in the trade using ISOLATED leverage rather than cross leverage.
There are other things to mention but not going to provide all the details.
It's IMPORTANT to note the following when considering planning and executing a HIGH TIME FRAME SCALP using the Short Term Group of time frames:
KNOW YOUR TREND "established" in the 12-hour, 24-hour, 2-Day and 3-Day. If upward pressure is the TREND in those time frames at that particular time, you need to PLAN to open margin LONG positions instead of margin short positions. WHY? To trade WITH the Trend.
Be PATIENT and WAIT for an opportunity to margin long without over trading AGAINST the trend. When certain time frames in your short term group show upward pressure is going to resume WITH the trend established in the near term group, you can then execute your trade.
Don't forget to set your stop loss if using CROSS leverage. If using ISOLATED leverage, you may consider having no more than 2% of your capital in the trade without a stop loss because you are only risking 2% of your capital in the trade using ISOLATED leverage rather than cross leverage.
There are other things to mention but not going to provide all the details.
I'll try to remember next time to point out THE TREND and to be careful (if scalping) to trade WITH the trend; not against it. Which means some times it's best to wait to open a scalp position WITH the trend.