First off, thanks for taking the time to view my chart and read my opinion on the market. If you'd like to see into my thought processes further you can find me at @BabyWh4le on twitter.
I like to keep things simple so this won't take long.
Logic for this trade is as follows:
- Short term market structure is bullish; we're seeing higher highs and higher lows
- We've just been rejected from an area of supply so now we move to an area of demand
- Area of supply hasn't been tested yet so it should provide a bounce
- Area of demand has been tested multiple times now (it loses strength after each test)
- I expect to see price pass through it on the next attempt and head up to the next logical area
- TP target is a bit below the supply zone itself to increase the chances of the target being hit (playing safe/not being greedy)
- Stop loss is placed where a lower low would be formed, therefore invalidating my bullish bias and leaving me no reason to be in a long position
Let's see how we go, don't hesitate to comment your own opinion or provide constructive feedback. I'm here to learn.
I like to keep things simple so this won't take long.
Logic for this trade is as follows:
- Short term market structure is bullish; we're seeing higher highs and higher lows
- We've just been rejected from an area of supply so now we move to an area of demand
- Area of supply hasn't been tested yet so it should provide a bounce
- Area of demand has been tested multiple times now (it loses strength after each test)
- I expect to see price pass through it on the next attempt and head up to the next logical area
- TP target is a bit below the supply zone itself to increase the chances of the target being hit (playing safe/not being greedy)
- Stop loss is placed where a lower low would be formed, therefore invalidating my bullish bias and leaving me no reason to be in a long position
Let's see how we go, don't hesitate to comment your own opinion or provide constructive feedback. I'm here to learn.
Lesson learnt? Pay closer attention to market structure, this wasn't a good analysis at all. Win or learn :)