Price has retraced into a corrective structure, and is now testing the lower parallel of an upslope median line. It's consolidating at that level where we should watch for a buy setup based on our strategy. A good level to aim for tp is the lower quartile of the median line set. If your strategy indicates something else, follow its rules :)
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Hey Mate...Just wondering if this is still valid? Can we Take a Long Position from here as the price moved to a very low level area?
Fxprotrader
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No, price broke below that buy zone, so we don't need to chase it.. There was no buy setup completion in that zone and we didn't get involved.. We move on :)
btM_Afta
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Is this trade active Sir? thanks
Fxprotrader
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Price is at the buy level.. But we need a setup.. In my book i have no setup yet..
btM_Afta
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Sir, what you mean with a "setup" ... SL /TP plan? or a signal that show that is a Buy?
Fxprotrader
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A setup is a set of conditions which indicates what you are waiting for.. For expamle when you have analyzed that a market is about to go up, and your setups are candlestick formations, a bullish pinbar is what will make you go long. If let's say your setups are harmonics you should wait for a bullish gartley or cypher etc to complete. Remember that a setup has specific rules you need to follow..
btM_Afta
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Ok in this case the price just is at the buy level, but isnt in a buy condition yet? that is?...
btM_Afta
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Could be a triple bottom a buy setup?
Fxprotrader
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Yes a triple bottom is a good setup, if you know how to trade it.. I mean where to place stoploss, and when to enter..