I ended up entering a little early yesterday (as seen on the chart) but the sell is still valid.
It broke the corrective channel, was close to the Double top but slightly missed, came back into structure with new low, and can see it retraced to the golden fib 61% nearly 3 times.
The above is exactly my thinking when I enter trades, hope this is useful, if agree...
Broke out of bullish pennant and now at pullback for potential further buys.
First TP back to top but can trail SL from there
I have kept a larger SL this time, as it can (hopefully not) reach for the third touch of trend line)
Overall trend is bullish, with a deeper correction (which we are currently in) before potentially moving back to the upside,
however as a new low has emerged and broken the trend line, we could move all the way back down before attempting a bullish run for the final attempt.
Reached a double bottom and expected buyer pressure here for a long, however on the weekly we are not far from the third touch of the trend line so I am being patient to see if it reaches there, alternatively if it goes up now I will wait for clear buy pattern to retest that bottom.
here is the weekly for outer structure
I like the way it has moved collectively towards the double top, so have taken a sell position.
May reach the larger double top, or even start to become a buy at some point, but for now I would like it to fall and trail TP
Correction channel with inner structure, price touched the double top but slightly missed the third touch of the outer structure, luckily I entered at this point.
We are now having a small pull back for a second entry for anyone who missed it. Would be nice if this goes to retest the purple zone (30% fib) but knowing it could go earlier as its creating a small...
Need to be patient as a few structures to consider,
we have the 2 internal structures with price currently at a smaller daily top (forgot to include) and the outer daily structure with double top.
Will keep an eye on how this moves, as potential for big sells soon.
3rd touch of corrective channel, did not unfortunately make it to the double top in blue.
It did come back into structure, I missed the original entry, but this seems valid as new low and now testing zone with 50% fib rejection.
I have added a 15min trend line, as i think this is the best way to enter to confirm a sell. would you agree?
I am still working on my...
As price has now come back into structure, I would anticipate a lot more down movement,
at the moment, its creating a small correction, which could reach the trend line as retest or go earlier, one for your own judgement as to when to enter.
We have reached a few touches of the inner structure,and third touch of the smaller 30 min trend line, waiting patiently to see if we can reach the third touch of the outer structure.
This would be perfect and ideal as a high probability trade and also near double tops so more chance of rejection,
once rejected clearly we can hold on to the sell, as the green...
You can see it has reached 3rd touch of the inner structure but there are couple of Double Tops near by highlighted in blue.
RSI is showing overbought on the 4hr,
I have entered with tight stop loss, but one to watch as could aim higher before falling,
Retest of 4hr channel trendline.
Third Touch happen to be not far off from the trendline, with multiple rejection.
I would class this as a valid trade rather than the high prob trade, but was worth an entry with small tight SL
Hi Guys, This is my first post,I've had a few experiences with trading but have adjusted my strategy to suit high probability trades and still learning to get my entrys right so here is my idea, do comment and let me know your thoughts.
We are in a correction channel, not far off from the third touch.
We have multiple...