BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close below a support zone .
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. Sell
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
PLAN:
1.WAIT for a 4hr close below a support zone .
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. Sell
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
Trade active:
we got a retest but we sliced through to the upside, we did not get a key candle either so i was unable to execute a sell trade. ALSO this analysis is still active from my experience and journals, price will trick people into buying then the 4hr candle will come back into range and continue down. i believe this 4hr candle is making a wick to the upside and it will close below my resistance zone which is now a support zone. these are just my beliefs and expectations i will not act on them. i will patiently wait for price to tell me what it is doing. if i dont get a close below this zone then i dont care i will cancel analysis and move on.
Order cancelled:
cancel this analysis, NEW ANALYSIS HAS BEEN PUBLISHED. I HAVE ADJUSTED THE UPPER ZONES SLIGHTLY, I MOVED THEM UP TO THE ORIGINAL POINT OF BREAK.
Comment:
dont add to spreadsheet