Due to the time I'm finding this setup, I do not advise it if you are South African. It's not really about the broker you are using but more of where you are located that'll affect you as a South African. Due to you having different lay-overs and different laws which favor brokers you can and will be stopped out of positions with SL's that are less than 1000...
Part of the new scalping strategy I'm testing. If it is inline with your trading plan then go for it but if not DO NOT DO IT. Plus overnight brokers are not the friendliest for South African traders. SEE YOURSELF AS A HEDGEFUND MANAGER, THE SENIOR MANAGER HANDLING A FUND OF $10M/ R150M. Treat all accounts like that, the way you behave, the way your forecast and...
If you can see it, you can but if you don't. 😂😂😂😂😂😂 I'm joking, this is a break retest and continuation in that after the candle close we will look for entries and enter all the way down.
Remember I said every few seconds it needs to be monitored, after the first post I was out after 3 minutes. I don't recommend such trades to anyone, these are for those that scalp less than 10 minutes and they have a RR which makes sense. I did it to test a new strategy I want to work on for scalpers who don't follow the same work we do?
Actually placed with no SL, this is a risky trade that needs monitoring every few seconds so I don't advise it unless you are going to put in a SL. The real confirmation will happen once it breaks the neckline of the inverse H&S, then we take a long till then stay out.
I've been waiting for this break. Now we wait for the retest and we place our buy stops above the retest. Until our retest is done, we stay watching and waiting.😂😂😂🔥🔥🔥
I didn't post this trade because I had literally 5 mins to open the charts, so I was only able to place the trade and the TP. Couldn't show it, but it followed all my rules and my trading plan hence I was able to.
I wanted to place this trade but because we took a loss earlier, we follow our rules so we just forecasted. Sharpening the skills doesn't stop even after a loss.
Why this one hurts, is only because it tagged me in even though entry was at the neckline. It's alright, we manually close and prepare for the next move.
Exactly what we said ahead of time. If you got hurt, it has nothing to do with the market but more to do with not setting entry and exit points.
Close under this blue rectangle will result in a push all the way down. Even after the close down. we will wait for either an impulse downwards or retest which bounces and stays below.
You can either move your SL to BE or make your SL smaller, because if it decides to turn now best believe you will feel like your wasted your efforts. With the current structure we will keep pushing upwards and onwards.
Just as we are still waiting and watching, the moment is what we wanted. Those that know and trust their plans could have entered earlier, but because I have a busy day. I placed it the same way all basic traders should and follow textbook instructions.
If the double bottom plays out, then here's an Idea. Especially because we reach the peak, we done retesting now to fill in all the orders.
SL of the earlier trades has hit, but because earlier we had UJ we still up. But we need to watch it over and see why we got on the wrong side. Watch and WAIT
These are my ideas as to whats going to happen after the close and retest is done. So either entry will depend on your trading plan, that's why both entries have different SL. It is to accommodate my trading plan and my RR which I follow, STICK TO THE PLAN (YOURS THAT IS).
I placed trades earlier here, because my day was so busy. I couldn't post the forecast I had but I longed for 57 pips and TP hit. Just waiting for more opportunities.
Be careful of that euphoric feeling of being on the same side as the market. Don't over trade, lose RR, forget about your trading plan, after those wins close your laptop and sleep. I'm still here because this is what I am willing to let my life be. I'm seeing a possible break to the upside, and because here in South Africa it's about to be Midnight; spreads go...