Price coming to resist. My charts are very basic focusing on the level price just left with stop under that level - targeting the opposite above. Very simple charts. I look for entry at start of stop or within the level. Unfortunately this was a 5 min chart that had to go up a TF to meet TV standards. I am not trading this set up, just following the trade. Nothing fancy just my trade journal.
Comments
KeiraK
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Follow up - price made it to the zone. We know the bottom of that zone is the engulfer where we expect price to be held. Above on the hourly we have an engulfer that formed supply. Risk continues to be the zone price is trying to leave. Price will need to break the 1hr supply to continue to move up
KeiraK
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Now this is how I would read this price action - does not mean this is how price action will go - but it gives you an advantage in having the ability to interpret price action
KeiraK
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Price does not cross below your engulfers on a long or above on a short
KeiraK
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We have four areas with four engulfers. First off there is no bearish engulfer so Im not interested in a short. Those four engulfers have one other thing in common -
KeiraK
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Im going to remove some of those red areas and replace them with our 4 hr view - I think you are getting the pic on engulfers I should not need to circle them at this point. - What you do need to know is price is in our second engulfer level from the weekly - not only in it but very high in it and this is a consideration price was not turned away so lets clean this chart and put up a price set up
KeiraK
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Im going to put this down into a working time frame - the stops you see here are good but they are too large to trade so we need to go to a 4hr 2hr 1hr to find the price set ups
KeiraK
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daily frame - Im going to remove the lower areas in blue and replace them with our new levels
KeiraK
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The last engulfer was met with an engulfer on the other side that changed direction and this is the area I want to look at as a day trader - you need to know where your levels lie which we have done up to a weekly and what candle set up is going to favor a long set up or a short set up
KeiraK
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this is the second level or second engulfer level
KeiraK
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This is the first engulfer and we can see price was attracted to the area but could not get past it