Trend is up on the 4h chart and we are looking for entry before close to the swing low at the bottom of the first blue box.
Drumming down to the 15 minute chart it is evident there has been an accumulation close to the pivot before the impulsive move (big green candles) that created the new swing low.
Looking to buy at the BUY AREA with a Stop Loss set below this area should the trade fail, possibly marking a change of trend direction on the 4h chart.
The only concern is that the Daily trend is more sideways and therefore profit potential is limited and probability of success slightly lowered. This said it is still a great short term trade opportunity.
Trade closed manually
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In trade now, we received a nice bounce out of the Buy Area however with no follow up. This trade may still work however the Buy Area has not shown the strength we would like therefore the trade is exited.
Comment
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Trade seems to be working but my rules told us to get out. There may be more buying opportunity on a smaller timeframe (5m or 15m) should this be a continuation of the trend