dots = 1.5 ATR
white dots= 2 ATR
blue dots = 2.5 ATR
top black line 1.75 ATR
bottom black line =2.25 ATR
See previous idea and comment below.
Comment: Trade terminated. No need to wait o be stopped out when it is apparent the trade isn’t going your way. So feel free to terminate a trade early if it doesn’t feel right and wait for next entry signal.
So I deviated a bit from my rules which is allowed when you have a good thesis for doing so.
I exited previous trade early. It wasn’t gonna end well.
So a short entry was taken based on the following:
Multiple rejections at the 9 day MA. (Yellow line). Trend is down. No new higher highs or higher lows, and bearish engulfing candle just formed. I still used my rules for entry but what I would call aggressive entry rules. 4h didn’t close below black dots but it did close below white dotes and tight above red dots. This to me is still in my rules but is aggressive, ie higher risk. So,
My entry is short at 3387
Stop above previous red dots or about 3399
Let’s see how this progresses.
white dots= 2 ATR
blue dots = 2.5 ATR
top black line 1.75 ATR
bottom black line =2.25 ATR
See previous idea and comment below.
Comment: Trade terminated. No need to wait o be stopped out when it is apparent the trade isn’t going your way. So feel free to terminate a trade early if it doesn’t feel right and wait for next entry signal.
So I deviated a bit from my rules which is allowed when you have a good thesis for doing so.
I exited previous trade early. It wasn’t gonna end well.
So a short entry was taken based on the following:
Multiple rejections at the 9 day MA. (Yellow line). Trend is down. No new higher highs or higher lows, and bearish engulfing candle just formed. I still used my rules for entry but what I would call aggressive entry rules. 4h didn’t close below black dots but it did close below white dotes and tight above red dots. This to me is still in my rules but is aggressive, ie higher risk. So,
My entry is short at 3387
Stop above previous red dots or about 3399
Let’s see how this progresses.
Note
So far, so good. We’re at yellow arrow. Bear flag forming and 9 daily ma is close to crossing under 20 ma. This could be the start of a good downtrend. Time will tell. I do not benefit from trying to predict the future but i benefit from following my rules. I see no reason to cancel the trade at this point. But if things turn I may terminate the trade before my stop is hit. There is nothing wrong with terminating a trade early if things don’t look right. Put your pride aside. So far things look right.
Trade active
So far so good Profit if Trade closed today: 51.25 points.
Stop moved to 3377 red arrow or just above red dots
Entry 3387 green arrow.
So we have guaranteed profit of 10 points. But of course we want much more. We want to catch a nice long downtrend in this case.
Profit if Trade closed today: 51.25 points.
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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.