This is simply to learn how to spot the entry points using the ward method and the recent price action as a teaching point.
Now would we close out the position or let it ride?
This depends on how higher time frames look and also how these candles close.
I will post another chart after the next daily closes which will also give us a new 3h, 6h, and 12h candle.
We have to pay attention to higher time frames such as the 2d,3d,4d and even 4d,6d,8d to see whether the downward pressure will continue.
I will mark this as neutral for now because opening a short right now may not be safe. We will see once the candle closes
Now would we close out the position or let it ride?
This depends on how higher time frames look and also how these candles close.
I will post another chart after the next daily closes which will also give us a new 3h, 6h, and 12h candle.
We have to pay attention to higher time frames such as the 2d,3d,4d and even 4d,6d,8d to see whether the downward pressure will continue.
I will mark this as neutral for now because opening a short right now may not be safe. We will see once the candle closes
Note
Note
Here is a picture of the 2d, 4d,. and 8d time frames...This is why we must be careful even though it looks like the downward pressure will continue in the shorter time frames
We will get a new candle in a couple hours for all three
Note
Here is the 2d, 4d, 8d with candle close
going to say that it is "safe" to go through with the short position based on this
Not going to make a full entry just yet but a partial entry
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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.