Fresh supply zone ahead, possible retracement, a short opportunity.
Stuff to remember:
— First look for significant move, then follow it to its origins where you might find a suitable level to evaluate further
— Make sure the initial move is significant on the same timeframe as the one you use for viewing your candidate level most clearly
— Check the distance that price traveled before the trend ended, longer distances mean larger initial imbalances and improved probabilities in the future
— The strong initial move can contain a few small retracements but not so many that make this move slow and weak
— Avoid opposing levels on the same and immediately higher timeframes, prefer to have a clear road ahead for your trade to run
— Make sure your level is placed correctly (low for Demand, high for Supply) in relation to the big picture's important tops and bottoms
— Trading the first return of price to a valid "fresh" level carries the highest probabilities due to the larger imbalance
— A valid level is considered "fresh" if price has not returned to it since its creation. It has nothing to do with how old the level is
— Trading only the first return of price to a valid, properly evaluated level can greatly increase your win ratio. Trading second or other subsequent returns will only dilute your trading edge.
@tradewonk, Where is you first target? my first profit zone is 113.76
tradewonk
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@AdrianBrechko, i have only one target. This trade 1:2 and it hit already last friday. My RR are usually between 1:5 - 1:2 sometimes i set it to break even and let the profit run
cooltikks
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Hi tradewonk..I have followed this trade and its still active.. What is the TP for this one?
1. my target was 1.1.9 at this trade and it hit that easily. Usually my RR are always between 1:1.5 - 1:2 sometimes set it to break even and let the profit run.
2. I didn't want to keep my trade open over weekend.
If you trade is open, don't worry, either take the profit when the market is open, or set it to break even, and let the profit run.