Planning to take long and / or short position if price should move either way:
Scenario 1 (orange arrow)
1. Price moves back up the blue area
2. Buy on retest
Target: 50% Fib level of the current downtrend
Stop- Loss: Under red S/R level
Scenario 2 (blue arrow)
1. Price breaks lower through the S/R level (red line)
2. Prices moves to the 75% FIB level
3. Enter short on retest of the S/R level (red line)
Target: Next big Support level
Stop- Loss: Above blue area
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My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Jun 21
Comment: Planing to take a long on a retest of the green line if the current 4h close should be above it. Would be then Scenario 1 (blue arrow)
Scenario 1 (orange arrow)
1. Price moves back up the blue area
2. Buy on retest
Target: 50% Fib level of the current downtrend
Stop- Loss: Under red S/R level
Scenario 2 (blue arrow)
1. Price breaks lower through the S/R level (red line)
2. Prices moves to the 75% FIB level
3. Enter short on retest of the S/R level (red line)
Target: Next big Support level
Stop- Loss: Above blue area
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Jun 21
Comment: Planing to take a long on a retest of the green line if the current 4h close should be above it. Would be then Scenario 1 (blue arrow)
Comment:
Price moved above blue area - lets see if i get a retest
Trade active
Comment:
Looking great, 7% since entry
Comment:
SL was deactivated. Moved it under the 61% Fib Level
Trade closed: target reached