Double Top or Double Bottom ?
After getting spanked on the bearish Cypher yesterday (the red pattern), price has now broken above the previous daily level of structure (the green box with red border) and is heading towards the next level of daily resistance (the double red boxes on top of the chart).
2 scenarios are then on my watch list :
- price can go straight up to the next level of resistance where I'll be looking to short that pair if it gives me a Double Top (a valid one according to MY rules).
- price can pullback to the broken level of resistance where I'll be looking to buy that pair if it gives me a Double Bottom (again, a valid one according to MY rules)
There are tons of others possible scenarios, but since I don't have rules for them I don't care. Should be the same for you guys : do you have specific rules where/when/how you can get involved ? Rules that you did put the hard work testing and fine-tuning ? Then you should be paying attention to anything else either.
Now the key to continual improvement is when noticing a behaviour that seems to repeat itself, to take some screenshots, analyze it, define some rules, TEST the rules, and if it looks being a profitable scenario, add the rules to your trading plan and you'll now have a new scenario to pay attention to!
Heavy end of the week with lots of high impact news so be careful and stay safe!
Follow my journey on social media (link in my bio)
2 scenarios are then on my watch list :
- price can go straight up to the next level of resistance where I'll be looking to short that pair if it gives me a Double Top (a valid one according to MY rules).
- price can pullback to the broken level of resistance where I'll be looking to buy that pair if it gives me a Double Bottom (again, a valid one according to MY rules)
There are tons of others possible scenarios, but since I don't have rules for them I don't care. Should be the same for you guys : do you have specific rules where/when/how you can get involved ? Rules that you did put the hard work testing and fine-tuning ? Then you should be paying attention to anything else either.
Now the key to continual improvement is when noticing a behaviour that seems to repeat itself, to take some screenshots, analyze it, define some rules, TEST the rules, and if it looks being a profitable scenario, add the rules to your trading plan and you'll now have a new scenario to pay attention to!
Heavy end of the week with lots of high impact news so be careful and stay safe!
Follow my journey on social media (link in my bio)
Today is my last trading day before taking well deserved couple weeks off to spend time with family and friends, review my year, recharge and get ready to hit 2018 for new goals and new achievements !
Wishing you all happy holidays !