There is a nice uptrend line for the last 2 days that is lending to a possible market reversal.
Oftentimes when the market is consolidating a level it will tighten up our indicators, which are all based on price action. So for this setup we are seeing the Daily Pivot Range indicator, the 3 Day Rolling Pivot Range indicator and the Opening Range indicator overlapping, this is significant.
While the bias is somewhat neutral for the time being, particularly with the Daily Pivot Moving Averages flattening out, the market is setting up for a rally. But it will have to confirm this strength by closing above the consolidated indicator levels, mentioned above.
The action to take is to place a buy order to enter the market long if the market closes above the Daily Pivot high. This will confirm the market is shifting bias to the long side.
Place the stop loss at the Opening Range low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade.
Exchange: Binance // Buy above: 9.2641 // Stop-loss: 8.9999 // Take-profit: 10.5500 / 11.6500
Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss .2000 points behind until second profit target is reached or stopped out.
Oftentimes when the market is consolidating a level it will tighten up our indicators, which are all based on price action. So for this setup we are seeing the Daily Pivot Range indicator, the 3 Day Rolling Pivot Range indicator and the Opening Range indicator overlapping, this is significant.
While the bias is somewhat neutral for the time being, particularly with the Daily Pivot Moving Averages flattening out, the market is setting up for a rally. But it will have to confirm this strength by closing above the consolidated indicator levels, mentioned above.
The action to take is to place a buy order to enter the market long if the market closes above the Daily Pivot high. This will confirm the market is shifting bias to the long side.
Place the stop loss at the Opening Range low and the profit target stated below.
Note: If triggered, look for the trade to play out over a period of 24-36 hours and if no significant move after 3 hours, exit the trade. Keep in mind the 3 hours is not a rule but a guideline as you will want to use discretion when managing the trade.
Exchange: Binance // Buy above: 9.2641 // Stop-loss: 8.9999 // Take-profit: 10.5500 / 11.6500
Once price reaches the first profit target raise the stop loss to breakeven. Then if the market follows through to higher levels manage the trade by trailing a stop loss .2000 points behind until second profit target is reached or stopped out.
Note
At this point with the price setting up for a continuation upward I would raise stop losses to breakeven (your entry price). If the market fails to make an extended run up to new recent highs then it could make a rapid retracement before a second try to the upside.Note
Note
My recent comments above regarding "continuation upward" and the chart above have to do with the new trading session for the new day. I am using a 60 minute chart as I usually do for these short term trades. So if you are following along then you want to view the 60 minute. You can also subscribe to my indicators to follow more closely and learn my system. These are high probability trades and they always have excellent risk reward ratios. This means they have a higher than normal chance of being winning trades, and the amount of risk that you are taking is far outweighed by the potential profit.
Ultimately it's about risk management and this is why my system is so successful. We never take a trade with bad risk reward or low probability potential for winning.
Note
On the original chart I pointed out the 2 bullish pinbars.For our purposes of my system, these also happen to be what we call "Failed 'C' down trades", or signals. These are so called when a 'C' trade is setting up by penetrating the 'C' down value line (mauve colored line), but does not confirm the 50% time rule of trading at or below the 'C' down value line and instead goes the opposite direction.
In other words, the price did not trade half the Opening Range time, in this case 15 minutes since we are using a 30 minute Opening Range time, at or below the 'C' down value line.
This happens twice as you can see with the second pinbar. This is a clear bullish signal.
Remember the system is symmetrical so the same rules apply in the case of a sell trade going to the downside.
If these rules sound complicated, DO NOT FEAR!!
It's actually very easy and you can spot these opportunities all day long with very little practice.
With my indicators the learning curve jumps to warp speed with a few hours of screen time, because you can start seeing these trades setting up in real time. You will be able to identify the best trade setups everyday.
Note
Gospel LK 6:36-38Jesus said to his disciples:
"Be merciful, just as your Father is merciful.
"Stop judging and you will not be judged.
Stop condemning and you will not be condemned.
Forgive and you will be forgiven.
Give and gifts will be given to you;
a good measure, packed together, shaken down, and overflowing,
will be poured into your lap.
For the measure with which you measure
will in return be measured out to you."
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.