Most of my analysis and setups are going to be in the FOREX markets but from time to time I see potential opportunity in other markets as well so I want to post them so that everyone following me, regardless of the market you like to trade, can potentially benefit from these setups. I had been looking through certain automobile stocks and I had come across this stock and based on the recent breakdown, pattern, and momentum I couldn't pass up the idea of posting it on Trading View. I like using this resource as a tool to also keep me accountable for my trades and use it as a tool to stay disciplined and only trade setups that are within my guidelines and making sure every trade is a strategic business move with a high probable setup.
*This chart had displayed a very strong break of recent significant structure around $15.50 price area
*Following this strong break of structure since July 26th there has been a weak pullback by the buyers back into that recent structure level
***I also like calling structure (activity levels) ; it is a good tool for me to see where the last activity was occurring and how the market is usually drawn back to those points
*Wait for strong seller momentum to come back in, if we see any, on this re-test before looking to short; we need to build just a little bit more of a case before shorting
*use this chart for more specifics on price and watch for that early tell of seller momentum to kick in
*look for a good risk/reward using this time frame as well
Remember to always have a trading plan when approaching the markets. You always want to make sure each decision is a business decision an in order to grow your business you must make strategic moves with a good risk/reward ratio and a strong risk management strategy; for me its never risking more than 2% of trading capital.
Keep an eye out ! Cheers!