Still moving up into supply and we will keep trading that channel north until it breaks
working our longs from down under as well.
At the same time we're looking to position for shorts in the zone as mentioned in
the linked idea - this channel being our line in the sand until we are net short for
a run back down.
(Original was set to private, so reposting at current levels)
While I'm still working longs from way down under I am starting to position for a drop from these levels
should that materialise.
Levels and lines of interest marked out on the chart, see if you can find the line in the sand.
(Original was set to private, this is a continuation)
We had beautiful break/retest action on the channel and price levels shown.
Broke outside the channel but found bids and came back into the channel
with a nice retest of lower line before moving north to break and retest the
high at 0.8716 and a beautiful zoom to inner and outer channel tops.
We watch and...
(For some reason all my recent ideas were set to private and resets each time, so here's a later version)
First time back at these levels so looking for signs of exhaustion in the zone between 116.08 and 116.37.
I tend to scale into these longer term trades over the zone trying to build a bigger position as it proves
valid - this takes time but allows sniffing...
I like (perceived) "failure" points - a level is broken and then comes right back to it surprising all the breakout players and all the suckers who chase (we've all been there). I refer to this sort of thing as a "push-fail". The market is pushed, then it "fails" according to whomever was looking only in that direction, but really it was a net to snare the unwary...
Some simple forks to help find frequency. We tested the LML of the major gray fork and it held nicely but short term if we close around these levels on the mauve down fork at the test of the UML I would look for shorts back to the retest of the gray frequencies.
The zone is still at play here, a major high and also major high from waaay back on weekly. We're also at London open which means a big move could be in play - usually though, the London Fakey. Get everyone thinking one way, then suck up all the orders for your own big run the opposite way.
So for this scenario, I wait for it to push past. I wait for it to...
Same drill, wait for a rush into a good zone and scalp into it from the best entry we can find. Redrew this in here but the candles don't match the one I planned this off and so don't show how I chose this exact level. It can be seen however at this link:
We know that price rushed up here last time and...
We had a nice rush up into our level and got our entry right under the LBR with a stop so tight it squeaked ;D
As usual we're scalping our way in from higher time frame levels trying to get low risk entries at sweet spots so we can get break even stops in that won't be whipped out quickly - then get settled for the ride. News drove us up here (btw also the 38.2...
Back at the drop zone from before and price came rushing in nicely. I call this a push-fail. Price rushes up, takes out a high and runs into a bunch of sell orders still left there ('whale tracks' or value sellers still working their orders). All those playing breakouts see that massive green candle and go "this is it" and have their stops just below adding to the...
Nice rush into supply zone from the start of the week and seems there is still some sell orders to be filled at these levels. Should give us enough room to get a break even stop in and leave it to do it's thing. Nothing in between since the rush so we just follow it down taking what the market will give us.
We moved the target down as price traded into the area showing momentum and that was hit. Since then we had some scalping opportunities and a bit of range play between 142.13 and 141.85. Long and short while the range holds with the aim to already be in whether it turns and trades up or breaks below and runs further. Always be in already.
The initial short was from the top zone (based of the 4H I posted earlier). All the other red arrows below the 1st are adds as price develops and retests previous areas of short term supply. Adding to positions as you lock in profit and maintain minimal risk while massively improving your reward vs your risk, landing up with 20 or 50 to 1 instead of 3:1 etc. If...