It looks like bulls are ready to buy lower again. my entry is invalid if we cross 1.17650 (which was yesterdays long target)
so how do we play this? in order to ensure the most gains possible you have to keep a watch at the 1 hour cloud, if ever the price enter the one hour cloud and closes one candle inside the 1 hour the setup will automatically be invalidated. Why? because when prices enters 1 hour cloud all prices are equal and bulls might take the opportunity to push higher so don't take useless risk when you see it closing inside just run out of your short no need to marry a trade.
As always my position size will be one lot but i will scatter entry using the 5 min kijun test. Good luck and enjoy the trading session.
I know many say banks are long which is true!!!!!! but they are long since 1.106 don't they ever ever take profit? or let a 50 to 60% retrace occur?
so how do we play this? in order to ensure the most gains possible you have to keep a watch at the 1 hour cloud, if ever the price enter the one hour cloud and closes one candle inside the 1 hour the setup will automatically be invalidated. Why? because when prices enters 1 hour cloud all prices are equal and bulls might take the opportunity to push higher so don't take useless risk when you see it closing inside just run out of your short no need to marry a trade.
As always my position size will be one lot but i will scatter entry using the 5 min kijun test. Good luck and enjoy the trading session.
I know many say banks are long which is true!!!!!! but they are long since 1.106 don't they ever ever take profit? or let a 50 to 60% retrace occur?
Trade active:
so we got a nice down momentum i'm taking partial profit here at 1.17047, What's next ? I expect a pullback again on our entry level or slightly below something like ABCD pattern C being this level and A our entry zone.
Stay safe and have a good trading session
Stay safe and have a good trading session