We have just had a break of a very strong weekly Structure level. Price had three bounces off it before the fourth attempt was successful. The level has held in the past as support and resistance so we can expect price to retrace to it in the next couple of days. If we get a retracement then we can expect it to hold and create a bounce to carry price to the next level of four hourly structure. We can confirm this with a fib retracement once we create our new high. I will also be expecting overbought conditions on the Stochastic and maybe hidden divergence from our previous low for a continuation to the upside. If we get a sold break of 4 hour resistance then ill be looking for second targets at the next level of weekly structure, then possibly go on for a third target if we are successful.
Will post another update if we get a retracement, i will also show my entry and my stop.
Please no one take this as finanacial advice as these are my personal interpretations of the market movements and this falls in line with my own personal trading plan, this is simply an idea to share with everyone as i am trying to improve.
@marcojardim01, for my personal plan, i missed out on this trade but one could of been taken at the retracement on a 1 hour time frame. Personally i needed to see a larger retracement back into structure to enable me to achieve my 2R targets at the height of the swing, especially with such an extendend move past structure, in saying that we could still see a longer term retracement back into structure over the next couple of days or even weeks