So on the left we have the daily and on the right we have the 4hr. Now the reason I cannot be looking for shorts at this point is because the daily will close engulfed which means we could be potentially starting a new trend to the upside. So how do we take the trade.
Option 1: If the market continues up without pulling back, then we will get an inverted head and shoulders and obviously you want to take the trade from the retest making that last daily low a false break on 4h. TP is the Same as option 2. Stop loss below the inverted head
Option 2: If the market decides to pullback on the 4hr 55 E.M.A which also happens to be the daily resistance, then we will be looking for a double bottom. Take profit same as option 1. Pretty simple.
Please leave a thumbs up if you agree. Let me know if you have any questions or disagree.
Thank you and good luck.
Option 1: If the market continues up without pulling back, then we will get an inverted head and shoulders and obviously you want to take the trade from the retest making that last daily low a false break on 4h. TP is the Same as option 2. Stop loss below the inverted head
Option 2: If the market decides to pullback on the 4hr 55 E.M.A which also happens to be the daily resistance, then we will be looking for a double bottom. Take profit same as option 1. Pretty simple.
Please leave a thumbs up if you agree. Let me know if you have any questions or disagree.
Thank you and good luck.
Comment:
Option 2 is clearly eliminated. Lets see if we can get option 1 to play out
Comment:
Hope you didnt miss the entry
Comment:
played out almost perfect