Overall trend is bullish as price is above 200MA
Price has been in the 1.976 to 1.8948 range for a while.
Confluences:
- Uptrend trend
- Ascending triangle
Entry: Will go long if the price forms a tight buildup near the resistance and breaks the resistance
SL: below previous swing low where my trade is being invalidated
Exit: Upon closing low previous week high
Overall trend is bullish as above 200MA
False break Setup: Candle movement towards support looks clean, will go long if the market takes out previous structure low and there is price rejection towards the long side.
Entry: enter after price rejection on candle open
SL: 1ATR below support
TP: trail on previous day candle high
Market Cycle: Declining Stage
Confluences:
- Downtrend (strong trend as below 20MA)
- Market formed a head & shoulders pattern and declined upon break of neckline
- Entry on limit order of neckline so as to get a better risk to reward ratio
- SL 1ATR above "head"
- Trail SL and exit trade when market closes above previous week high
Trend: Bearish (below 200MA)
Trend Continuation Setup: Price is forming a tight buildup, about 10 candles contained within their wicks, going short if the market declines lower and breaks the buildup structure.
Entry: Sell stop order on break of buildup consolidation
SL: reference from daily candle, 1ATR above candle high
TP: Just right before the next daily...