Was TradingView out for a couple of minutes?
Anywho, my LONG's TP line from last night was taken out probably because of:
1) USD meeting expectation so the hype is over
2) New sanctions against Russia started the drums of war again.
BUT! going LONG AGAIN for the following reasons:
1) H&S formation (though slanted) with a) price bouncing off a previously placed H/L line (Orange) and b) price bouncing off a long, long term Bullish trend (Dotted Orange)
2) 2HR MACD is doing a double cross of 1) itself and 2) zero line
3) 5M Ichimoku is crossed
4) A double bounce off of a 15M 200MA line
5) Bounce off of the 1HR ichimoku line
So, in a H&S trade, you're supposed to wait for the SHOULDER to be crossed and then set the SL at the last peak/valley... I chose to start in now (as I'm golfing and will check in around 5th hole), with a loose SL. I may switch to a BE stop however.
You may wait for the following reasons:
1) Wait for the H&S to confirm
2) Wait for the 1HR MACD to do its cross
Or, wait till the weekend because Putin loves to move on Saturdays.
Anywho, my LONG's TP line from last night was taken out probably because of:
1) USD meeting expectation so the hype is over
2) New sanctions against Russia started the drums of war again.
BUT! going LONG AGAIN for the following reasons:
1) H&S formation (though slanted) with a) price bouncing off a previously placed H/L line (Orange) and b) price bouncing off a long, long term Bullish trend (Dotted Orange)
2) 2HR MACD is doing a double cross of 1) itself and 2) zero line
3) 5M Ichimoku is crossed
4) A double bounce off of a 15M 200MA line
5) Bounce off of the 1HR ichimoku line
So, in a H&S trade, you're supposed to wait for the SHOULDER to be crossed and then set the SL at the last peak/valley... I chose to start in now (as I'm golfing and will check in around 5th hole), with a loose SL. I may switch to a BE stop however.
You may wait for the following reasons:
1) Wait for the H&S to confirm
2) Wait for the 1HR MACD to do its cross
Or, wait till the weekend because Putin loves to move on Saturdays.