We have two possible short positions on the
JPN225
1. If price touches the first blue area, check if there is divergence on either MACD or stoch. If step 1 is fulfilled, continue.
2. If step is 1 fulfilled, we want to see either a double bottom or w/m pattern forming on 4H or 1H. Will demonstrate those patterns when the time comes. If step 2 is fulfilled, continue.
3. TP/SL will be set when necessary price action takes place in those areas. We will always wait for pullback no matter what. No pullback, no trade. If step 3 is fulfilled, continue.
4. Short when PRICE makes higher high. If it doesn't and instead makes lower low, abort this potential SHORT and look for the next red area.
Purple horizontal line: BRN(big round numbers).
JPN225
1. If price touches the first blue area, check if there is divergence on either MACD or stoch. If step 1 is fulfilled, continue.
2. If step is 1 fulfilled, we want to see either a double bottom or w/m pattern forming on 4H or 1H. Will demonstrate those patterns when the time comes. If step 2 is fulfilled, continue.
3. TP/SL will be set when necessary price action takes place in those areas. We will always wait for pullback no matter what. No pullback, no trade. If step 3 is fulfilled, continue.
4. Short when PRICE makes higher high. If it doesn't and instead makes lower low, abort this potential SHORT and look for the next red area.
Purple horizontal line: BRN(big round numbers).
Comment:
Replace "short" with "long"
Comment:
Price has finally touched the 1st blue area. About time. Will continue to monitor. At the moment we have a divergence. The W/M- pattern has yet to form. Stay tuned.