I just closed my long trade after seeing a strong move to the downside, Im now expecting a short fall.
Price has swept the highs of the week and has failed to hold them.
This may be a luquidity grab, however im willing to take the punt on it.
Again, i dont use physical stop losses however my visual stop is at the high of today.
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My visual stop loss is now located around the 18371.5 price area.
This is because price has tested and rested at this area a few times and for most of the day, Meanwhile it continues to move and take out lows before returning high again.
Prica may drop, However id imagine that if it does, we will see this on monday as the move to the downside will likely be a sharp fall, Much like the rally that brought us to these highs.
If the highs get taken then theres a high chance that price will come back to these levels before taking off.
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If the next candle closes and holds above i will be thinking about closing the postion and going long.
Last 4 trades have been rough... Lost 0.80% then 0.92%, But made 1.56% and now looking like another potential loss. Still up on the month, however this is shaping up to me my worst month of the year so far -
My average return has been 6.7% per month at 1% risk (13.4% per month risking 2%) This month, before this trade, has sat at around 3% (6% if risking 2%)
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Looks like price has tested and is showing signs of rejection at my stop level. Will continue to keep an eye on it to see if its going to continue to reject or pop the top
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18388 is my new visual stop area. After that rejection from that area, anything that pushes above it will likely continue to push higher
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wouldnt be surprised if this is the last of the pressure from the bulls. Expecting a futher rejection from this level leading to a sharp fall to or below the current low of the day
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Rejection happened, This has now given a clear area for my stop loss. if price pushes the current high then i will be reversing for break even or very small loss.
Im anticipating that the bear push will continue to the lows of today, By around lunch time tomorrow.
sharp retractement happening now, I personally can't see this being sustainable for longs. so I'm expecting this rally to burn out to then take back in to short power, leading to a sweep of the lows.
SL still around entry level.
Starb_
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again, having to update via comments as the app is not allowing me to update the idea;
new stop area is around price level - 18340.0
StewySongs
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🔥🔥🔥
lAtalha
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index are 95 % bullish in swing trades . 5% daily bearish moves .. Soo buy red candles accumulate slowly .
buy every dip . see history for your self .. it didn't crashed in months & years
@Starb_ I do respect your idea. I see three waves corection over ... making new highs . let's see how it unfolds.
FrankBrugmanVsdfg
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Waiting for the sharp fall
Starb_
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@FrankBrugmanVsdfg, my idea is that price will either hit 18340.0 then drop like a stone after maybe 1 more retest. OR it will break above and hold, which will make this trade invalid. Im hoping/leaning on the drop rather than the break of highs, But we will see...
but to sink lower to find value at lower prices, it imo has to fall sharp and fast
FrankBrugmanVsdfg
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@Starb_, I think there is a higher chance to this idea to be invalid than falling sharp
Starb_
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@FrankBrugmanVsdfg, Only time will tell, And not alot of time either given its testing my break even point as we speak. If the drops going to come, Its gotta come soon. Positon was only reversed in the first place to cover drawdown of prior trades profit (1.56%)
But you may be right, Although ill be surprised if this is the move to do it.
SL still around entry level.