Fast rally to the topside again, This in my opinion is the last ditch effort of longs + luquidity to trial breaks of the highs, If this market does short lower than we can easily see another break even position again meaning this trade is very low risk.
Keep in mind that i do not use physical stop loss's, I use mental Stop loss's (visual areas that i want to get out if price goes agaist me)
I can do this method of no SL as i risk a certain % of my account value per 1% of market change.
If we do see this rejection on this level, I predict that it will sit around its current price for a while until buyers finally accept that higher prices are not value and will see a steep drop to the downside.
If this market does rip to the top and hold around the area or above the area of my stop loss then i will be looking to reverse the position and hold till the end of the week, Expecting highs to be taken as the short cycle would have come to an end.
Keep in mind that i do not use physical stop loss's, I use mental Stop loss's (visual areas that i want to get out if price goes agaist me)
I can do this method of no SL as i risk a certain % of my account value per 1% of market change.
If we do see this rejection on this level, I predict that it will sit around its current price for a while until buyers finally accept that higher prices are not value and will see a steep drop to the downside.
If this market does rip to the top and hold around the area or above the area of my stop loss then i will be looking to reverse the position and hold till the end of the week, Expecting highs to be taken as the short cycle would have come to an end.
Comment:
We had a slight rejection from my entry level, Now seeing the last ditch attempt by bulls to see if they can take this high.
Price will either break and hold above this level or plummet towards the lows within 2hrs.
This is the make or break moment
Price will either break and hold above this level or plummet towards the lows within 2hrs.
This is the make or break moment
Trade closed manually:
Closed both positions, 1 for break even, the other for a very small loss.
Reversing position.
Reversing position.
Trade closed: stop reached:
As said above, i closed at break even and have reversed the postion, Check my new idea for the entry and the trade itself.
Also use this as reference to the fact that my idea was late to be posted however that i did in fact take the trade when i said i did.
Also use this as reference to the fact that my idea was late to be posted however that i did in fact take the trade when i said i did.
If price manages to break this current high of consolidation and hold above it, I will close for a small loss and look to reverse the postion into a long trade is i have spoke about above.
If price breaks high, then rejects back lower than this range there is a very high chance that the bear move continues.
This current high is the most important of the whole trade. This is the moment i either get hit with a small loss or see the market move to my TP with high probability