Hey guys, just wanted to let you know what i'm looking for in the next hours. On EURAUD price is testing a key support level on the daily (in oversold condition) and therefore i can expect market to react at this level. As i go down on 1hr chart i can see there's a double bottom setting up with RSI divergence and this also increase my confidence in this trade. I want to see the next two candles green and then i can short this. Stops below the lows, target1 at retest, target2 to be determined!
If you want to ask questions or share ideas, feel free to comment below. Otherwise, see you in the next chart!
Two green candles side my side? Is that equivalent to two hours - one after the other?
Roker1
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@Glendooie, yes i meant that.
Glendoonie
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@Roker1, Lovely, thank you. I see a few examples of that in the past 15 hours. but your trade is not active. Do the two green candles at H1 have to have a particular formation. Like, do they have to be of equal size, or engulfing or something else?
Glendoonie
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@Glendooie, I think the two green candle formation occurred about 2 hours ago - only to be followwed by the beginnings of a red one :-(. I am in with a small lot come what may. TP is 1.17459
Roker1
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@Glendooie, in this specific case i was waiting for 2 green candles because certain conditions were met, don't use it everywhere because it happens too often.
Glendoonie
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@Roker1, Up Up and away! My TP was 1.47505 because I was feeling overly cautious. Well done you. Thank you for sharing the thoughts behind your trades