Updating a previous idea:
- Back in Feb 2023, that attempted breakout, as pointed out by the red arrow, once looked like an aggressive, marubozu breakout candle.
- Back in Feb 2023, it was, as usual outlined that a hack which will save you money is to wait for the candle to close before drawing your conclusions, and subsuming the pattern into your set ups and triggers.
- The same follows for the current candle. Should it close as is ... and bear in mind that today is the first trading day of the month (my timeframe), then we have a confirmed new series of higher lows and higher highs, and hence a confirmed uptrending market, therefore a potential bullish trigger.
- Keep in mind that this market is loaded with overhead supply. Perhaps one could consider scaling down from this trade if it develops in our direction. Say half a position once/if target 1 hit and the other half one/if target 2 is hit.
Above all, remember that nobody knows the future. Reality is complex. Too complex to fit neatly within these lines, areas ... anyone's individual considerations, technical or fundamental, even if that person is a Nobel Prize laureaut, or whatosover. Therefore, the name of this game is: Risk Management. Manage risk, manage risk, manage risk ... trade small, diverisfy, cut losers short ...
Cheers,
Tenacious Tribe - Quantified, Profitable, Trading Strategies & Studies
- Back in Feb 2023, that attempted breakout, as pointed out by the red arrow, once looked like an aggressive, marubozu breakout candle.
- Back in Feb 2023, it was, as usual outlined that a hack which will save you money is to wait for the candle to close before drawing your conclusions, and subsuming the pattern into your set ups and triggers.
- The same follows for the current candle. Should it close as is ... and bear in mind that today is the first trading day of the month (my timeframe), then we have a confirmed new series of higher lows and higher highs, and hence a confirmed uptrending market, therefore a potential bullish trigger.
- Keep in mind that this market is loaded with overhead supply. Perhaps one could consider scaling down from this trade if it develops in our direction. Say half a position once/if target 1 hit and the other half one/if target 2 is hit.
Above all, remember that nobody knows the future. Reality is complex. Too complex to fit neatly within these lines, areas ... anyone's individual considerations, technical or fundamental, even if that person is a Nobel Prize laureaut, or whatosover. Therefore, the name of this game is: Risk Management. Manage risk, manage risk, manage risk ... trade small, diverisfy, cut losers short ...
Cheers,
Tenacious Tribe - Quantified, Profitable, Trading Strategies & Studies
