We were in a downtrend, and we tested major daily support making New Structure Highs. The market have moved sideways after that.
STORY (I learned this from my mentor, Akil Stokes, and I find it very useful):
I see "level 1" like if it were the main war zone between bulls and bears. If the bears win and we see a move lower, I would expect that the bears were tired from the battle (Over sold) and needed a place to rest (Previous structure).
While backtesting the 2618, 2618 that completed on setups like this one had a high win%. However, that was just an eye test; I could be extremely wrong. I am just practicing my technical analysis skills.
STORY (I learned this from my mentor, Akil Stokes, and I find it very useful):
I see "level 1" like if it were the main war zone between bulls and bears. If the bears win and we see a move lower, I would expect that the bears were tired from the battle (Over sold) and needed a place to rest (Previous structure).
While backtesting the 2618, 2618 that completed on setups like this one had a high win%. However, that was just an eye test; I could be extremely wrong. I am just practicing my technical analysis skills.
Comment:
We arrived to the killzone with a nice ABCD pattern, yet we did not get a double bottom before it retraced back to where targets would have been. Moreover, I do not feel comfortable fighting that structure level and aim for higher targets.