Regardless of the latest strong bearish wave, the structure of higher highs and higher lows hasn't been broken yet, as the latest higher low is still intact and that keeps the short term bullish trend valid and hints a potential rebound as price attempts to maintain this structure with a new higher low. Having that said, i was looking for some bullish rebound signals that i could speculate on, what we have is : Multiple pin bars at the 61.8 key retracement level and near the rising trend line.. I am long from 1205 in my personal account, however i placed 1200 as an entry point for this idea for a more optimum trade in terms of a better risk-reward...
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Trading Criteria: 1. Trades are taken in two units 2. First unit would be closed at first target 3. Stop loss is then moved to break-even 4. Second unit would be closed at second target Notes: 5) If 90 percent of first target is reached I move stop loss to breakeven. 6) If 90 percent of first target is reached without triggering entry I cancel the trade. 7) Remember: Losing is a main part of the game ------------------------------------------------------------------------------------------------------------------------------------------------------------ Good luck, keep your stops tight.. twitter.com/thefxchannel facebook.com/thefxchannel plus.google.com/+Thefxchannel0 My best regards Technician
Comments
PriceActionTrading
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Hi tech,
i would like to contribute some confirmation to your idea.
Thanks.
Technician
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Thanks for your contribution
PriceActionTrading
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Not to mention a close above the swing point will complete the inverse head and shoulder as other traders have already noticed.
so i will only trade when price retest the neckline once it closes above it.
Technician
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Is it a potential head and shoulders mates
Technician
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Inverse ofcourse..
kmk.msp
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great viewing technician
MuathAlBulbul
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Dear Technician,
Does this mean you're still hung in this long trade? Or you have closed the trade since it didn't reach 90%?
Technician
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Yes i still see the trade valid, although it reached 90 percent of target without triggering entry
MuathAlBulbul
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Thanks for the reply,
Do you advise going long after market opens? What if it opened with gap lower than current price?
i would like to contribute some confirmation to your idea.
Thanks.