BREAK AND RETEST
PLAN:
1.WAIT for a 4hr close below a support zone .
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. Sell
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
PLAN:
1.WAIT for a 4hr close below a support zone .
2.WAIT for retest back into or close enough to the zone .
3.Wait for some sort of rejection on the 30min or hourly.
4. Wait for price confirmation
5. Sell
The trend is your friend, it makes no sense to trade against it. my analysis is done according to momentum.
stops should be adjusted based on how and where the 4hr candle closes. so risk might increase or decrease.
Order cancelled:
invalid analysis
Comment:
this analysis was invalid because although a 4hr candle closed below the support zone, we came back up and we just didnt get a confirm, however even if we did get a close below the support zone and got a retest with a key candle i still wouldnt have entered as the 4hr close is not exactly what im looking for.