I'm going to buy in here at $8054 and watch for it to break out above that red trend line, then watch for it to pump or fail.
The Williams Fractal is a nice little tool. I think, the longer period, the better this tool is. The way I am using it in this trade (and many) is quite simple and pretty darn accurate. It prints those little red or green arrows in combination with the Ichimoku indicator.
What I watch for in a buy trade is a green arrow to print, while the blue conversion line is above the red base line and the cloud itself is green. If these conditions are met, look to the candle below that green arrow for an entry price point. If you put a buy order in at the high price of the candle you are playing it safer than placing a buy order at the top of the candle body (the open or close price).
In this instance, all three conditions are met: the cloud is green; the blue line above red line; and green arrow printed. The buy order is placed between $8465.41 (high) - $8053.42 (open) and upon the price moving up the order is triggered. If it is triggered then a stop loss is needed and the fractals help find a price point for this too. The way I tend to do it is watch for the next red arrow to print under a candle. The low price for that candle is where to place a stop loss. You can look to the most recent red arrow for an early idea of a stop loss price. In this instance, the last candle with a red arrow is @ $6865 which is nice a low so I will watch for the next red arrow to print for my stop loss price.
Make sure to look at the smaller charts for more accurate movement and price points.
There are a couple other positive indicators that are involved here beyond the three mentioned above... The cloud has just turned green while the blue line is above the red line which is a bullish sign. The candle which the fractal printed on is above and sitting on the blue line which is also bullish.
This is why I am buying now and stop loss at $7815.
The Williams Fractal is a nice little tool. I think, the longer period, the better this tool is. The way I am using it in this trade (and many) is quite simple and pretty darn accurate. It prints those little red or green arrows in combination with the Ichimoku indicator.
What I watch for in a buy trade is a green arrow to print, while the blue conversion line is above the red base line and the cloud itself is green. If these conditions are met, look to the candle below that green arrow for an entry price point. If you put a buy order in at the high price of the candle you are playing it safer than placing a buy order at the top of the candle body (the open or close price).
In this instance, all three conditions are met: the cloud is green; the blue line above red line; and green arrow printed. The buy order is placed between $8465.41 (high) - $8053.42 (open) and upon the price moving up the order is triggered. If it is triggered then a stop loss is needed and the fractals help find a price point for this too. The way I tend to do it is watch for the next red arrow to print under a candle. The low price for that candle is where to place a stop loss. You can look to the most recent red arrow for an early idea of a stop loss price. In this instance, the last candle with a red arrow is @ $6865 which is nice a low so I will watch for the next red arrow to print for my stop loss price.
Make sure to look at the smaller charts for more accurate movement and price points.
There are a couple other positive indicators that are involved here beyond the three mentioned above... The cloud has just turned green while the blue line is above the red line which is a bullish sign. The candle which the fractal printed on is above and sitting on the blue line which is also bullish.
This is why I am buying now and stop loss at $7815.
