Possible downtrend continuation from now after the pattern completes.We could except the market to create a new LH or a retest of lows. It can be a false breakout and then a resume in trend but if it respects the Lower high then it would be a prominent sell. Unbreakable Rules 1. Never add to a losing position. 2. Never risk more than 5 percent of your trading capital on any one trade. 3. Always have a protective stop in the market. 4. After a trade has been place. Think like you are viewing the market through a prism.
Guidelines 1. Never close a trade without a reason. 2. Take responsibility for your trades. 3. Markets that have higher lows are in uptrends. Markets that have lower highs are in downtrends. 4. Always do your analysis prior to the market open
Order cancelled
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Comments
alex.a
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What is the meaning of 3 yellow vertical lines?
Trader-Mick
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Minor trends in smaller timeframe.
alex.a
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4. After a trade has been place. Think like you are viewing the market through a prism. What does it mean? Can you be more specific?
Trader-Mick
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It meant: In other words I meant: For example you placed an order: There are many times we try to change our decision while the trade is running in the opposite direction and the fear strikes and thus forces us to change our decision and eventually we see that particular trade was a profitable one so Summary is after the decision has been made as per trade objective we cannot do anything until and unless it hits your targets or stop loss, (thats what I do with this system).
IvanLabrie
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Why cancelled?
Trader-Mick
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I took the X leg from the retest of lows. The X leg should have been from the LL structure.
its a good sell if we target to 38.2% to 61.8% :)