Scenario 1 - Short (Blue arrow) Is based on a engulf and reclaim of the blue line (Weekly resistance level). Entry: Retest of the blue line after reclaim Target: Next Support level and a former Resistance level
Scenario 2 - Long (Orange arrow) Break of the Resistance level and generating a Higher Swing after Entry: Retest of the green line Target: Next big Resistance level
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My General rules and approach regarding trading: - I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade - What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms ready and i wait) - For my entries i often use Strategies on smaller time frames and to increase my chances and profitability
Dont forget: - Watch your Risk management - DYOR (Do-Your-Own-Research) - This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading! trader_se
Comment
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I realized i made a mistake. See the picture below how the orange arrow Setup should look like.