i don know why this wasn't uploaded.
this is my updated analysis.
i would love to take a sell right now because price is retesting that neckline, however first thing is that the neckline is a 4hr fakeout so i am not comfortable gambling on a fakout and it is also past my trading time. i have a rule where price needs to retest the original point of break. i have adjusted my analysis, moved zones slightly up to the original point of break
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.
this is my updated analysis.
i would love to take a sell right now because price is retesting that neckline, however first thing is that the neckline is a 4hr fakeout so i am not comfortable gambling on a fakout and it is also past my trading time. i have a rule where price needs to retest the original point of break. i have adjusted my analysis, moved zones slightly up to the original point of break
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.
Trade closed: target reached:
Comment:
i should have kept my original analysis. where we dropped thats where my retest was at first but then i moved it slightly up ;)