Team, I've got my eye on this trade if we can break above current resistance.
REMEMBER - we need to close up above resistance before this trade is active, otherwise there is a risk of rejection and breakdown.
Setup Details:
ENTRY - 0.0005001
SL - 0.0004682
TP1 - 0.0005544
TP2 - 0.0006124
TP3 - 0.0006858
Take Profit Goal - 36.83%
Stop Loss - 6.38%
Risk : Reward = 1 : 5.77
I'd recommend setting alerts on TradingView and checking the TA once they go off. I wouldn't run a buy stop just because its a risky supply zone and we want confirmation of clearance.
I'll be posting more ideas on my account here, so if you are interested please follow. I'm also happy to chart up recommendations.
Thanks
REMEMBER - we need to close up above resistance before this trade is active, otherwise there is a risk of rejection and breakdown.
Setup Details:
ENTRY - 0.0005001
SL - 0.0004682
TP1 - 0.0005544
TP2 - 0.0006124
TP3 - 0.0006858
Take Profit Goal - 36.83%
Stop Loss - 6.38%
Risk : Reward = 1 : 5.77
I'd recommend setting alerts on TradingView and checking the TA once they go off. I wouldn't run a buy stop just because its a risky supply zone and we want confirmation of clearance.
I'll be posting more ideas on my account here, so if you are interested please follow. I'm also happy to chart up recommendations.
Thanks
Note
Just a reminder to be careful of wicks when setting Stop Losses. Check out this bad boy:Note
As alternative perspective, if anyone is looking at this for a potential reversal and short, shoot me a comment below and lets chart it up. Could go either way at these key zones.Trade active
Team, the price has moved above resistance and the trade is now active. If you got in on the first break, thats awesome. Remember to add your stop loss. If you aren't already in, you can either enter now with a larger stop loss or alternatively wait for a retest of the (prev) resistance which is now acting as (new) support. Happy Trading!!Note
We are running into some light resistance at this point and we will either push through toward our first take profit or turn around for a retest back to support. If you didn't already get in, you may get a chance on the retest.Trade closed: stop reached
What a rejection! Lost that one. This is why I like to move my SL up as the trade moves ahead, but unfortunately I couldn't do that here as it had not cleared enough structure.It's back down to previous support, worth looking for a re-entry around here.
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.