Here is a great breakout trade that I caught on AUDNZD this week.
This trade is based on a bearish breakout of a major daily key level and its retest.
Original post -
Retesting the broken structure,
I am always...
HTF POI = M30/M15 refined IOB, which created clear imbalance and shows institutional participation.
Entry = M1, waited for 2 BOS and traded clearest ob created by 2nd BOS.
Stoploss = 3 Pips
(Entry type 2 = Liquidity grab, with 2 BOS following afterwards)
Sell limit set at open of LTF OB!
Trailed Stop Loss to last Ob that broke structure... price moving...
us100 had a major correction, price dropped exactly 1531 pips in less than a week.
After this big move to the downside there should be a correction to the upside.
we can see that there is inverted HS pattern that indicates the change of the trend.
the uptrend channel was tested to the support.
these are indicating a good opportunity to trade by long.
I'm learning to accept these harder weeks as the better opportunities for me to become a great trader. Of course I love it when every position I take jumps out at me and earns me a profit, but I remember a point when I would avoid the charts entirely after a string of either losses or missed opportunities. It's so important to continue to trade with an unbiased...
Price didnt bounce off the key level as i thought it would last week as seen on chart below that i attached.
Broken the key level and candlestick closed below.
Possible retest to resistance before bouncing down to target.
There is a possible buy from 5 month lows.