Planing to take a long if either of the following scenarios should develop:
Scenario 1 (blue arrow)
1. Price moves to Support level (green line)
2. Prices moves under Support level
3. Prices moves above the level
4. Buy on retest
Scenario 2 (red arrow)
1. Price moves to Support level
2. Forming little higher Swings (black line)
3. Buy on retest of the area of the LTF break in MS (yellow line)
Scenario 3 (orange arrow)
1. Price moves under Support leve (red line)
2. Support level switches to an short- term Resistance
3. Reclaim of it and pref. test of S/R level (green line)
4. Buy on retest
Targets for all: Next big Resistance level
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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
Scenario 1 (blue arrow)
1. Price moves to Support level (green line)
2. Prices moves under Support level
3. Prices moves above the level
4. Buy on retest
Scenario 2 (red arrow)
1. Price moves to Support level
2. Forming little higher Swings (black line)
3. Buy on retest of the area of the LTF break in MS (yellow line)
Scenario 3 (orange arrow)
1. Price moves under Support leve (red line)
2. Support level switches to an short- term Resistance
3. Reclaim of it and pref. test of S/R level (green line)
4. Buy on retest
Targets for all: Next big Resistance level
////////////
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
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)
Trade active:
Scenario 3
Trade closed: target reached:
Target was hit