Starting date: 9/August/2021
Starting capital: $500
Capital at present: $526
Trades made - 9
(all trading ideas in the series with comentary and outcome can be found on my profile)
-Biggest candle late in a short term trade signaling that it might be an exhaustion candle followed by selling
- Overextended bull run, profit taking by bulls inevitable in a short term
-bears opening short seeing such a parabolic move, they know that bull will take profit at some point soon.
-TREND is in tact, so pullback might be brief (one candle for example)
This is a high risk/high reward trade trying to catch the top.
Initial target is the open of the last bull bar, which is 1:3 Risk to reward.
If bears won't be able to push lower, will there is a possibility to 2:1, otherwise will manage on the go.
In such strong upside moves, retracements are brief so profit taking at 30% retracement of final wave is reasonable thing to do.