So this one was pretty straightforward. Had a nice demand zone form after a bullish expansion, that price kept testing as it formed a descending triangle. Then we had a break above structure (which I bought the first time).. saw the price coming down again so entered on the mitigation.
What was the logic behind the price movements here? Well, the big players wanted to clear out short sellers above the triangle, and then wanted to come back down to mitigate their limit orders before continuing the bullish run.
And my logic you ask? My logic was this: Wake up half asleep.. Look at a strange looking chart pattern.. see multiple touches along the floor (support; demand.. doesn't matter) Thinking that this is too simple to work out... but there was no hunch against placing the trade.. so I place a buy with risk management in place and sleep again. Wake up to see price has skyrocketed (relatively speaking) and enjoy the trading process ;)
If anyone wants to see my chart analysis be sure to follow me @highkeyforex on insta.
What was the logic behind the price movements here? Well, the big players wanted to clear out short sellers above the triangle, and then wanted to come back down to mitigate their limit orders before continuing the bullish run.
And my logic you ask? My logic was this: Wake up half asleep.. Look at a strange looking chart pattern.. see multiple touches along the floor (support; demand.. doesn't matter) Thinking that this is too simple to work out... but there was no hunch against placing the trade.. so I place a buy with risk management in place and sleep again. Wake up to see price has skyrocketed (relatively speaking) and enjoy the trading process ;)
If anyone wants to see my chart analysis be sure to follow me @highkeyforex on insta.