How about this idea for a quick scalp of 1.5%-2%. Price has found support on the previous 4h resistance turned support zone. The price might follow through after that but lets focus first on this scalp and then we will see how we go from there if we achieve that target.
Trade closed: target reached:
So the price hit the target area marked by the path L6 on the chart. As mentioned this was a tight/narrow trade against the trend with 2% gain with a conservative entry and risk of just 0.75% loss. Since the region was a resistance turned support region, it made sense to take this trade for a small move to upside.
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If you like the content and find value in the posted analysis, please give a like and if you want to get notified about any new idea posted, please follow this account. I also share ideas on twitter, so if you want to tune to that, please check my twitter account: www.twitter.com/angela_altair
Always look for a better entry point. Usually I try to mark it by pointing starting tip of the arrow path to that but it does not have be that. Its not always good to wait for that in case the trade is in the direction of the trend but it is always a good practice to wait for that entry in case the trade is against the trend.
Another important point is to consider letting the trade go and close it. If the price loses this red zone which shall act as a support now, the trade idea seem to be invalidated. It might go up again after dipping but the trade shall be closed as the idea has been invalidated. This reduces the risk and also keeps the loss in check and very small.