Hi guys another megaphone pattern for “color options” traders. The resistance line has been touched 5 times already and there was no break. Also, the volume is dropping, it could mean that the interest to break this resistance isn’t there. So I will enter short trade when first red candle forms after last green candle that touched resistance line.If resistance gets broken before my entry conditions are met, I will abandon this set-up. As soon as my entry conditions are met, I will start buying “red options” on every consecutive candle(max 10 trades). My rules are the same as before:
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Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
If you have questions about candle color options or wish to discuss trading strategies in real time, join - candle color options - chat, right here on tradingview.
Rules:
7.Worst case scenario: if I will have 4 losing candles in a row, I will take my losses and look for a new set-up.
8.Best case scenario: If I will have 4 winning candles in a row, I will gladly take my profits and look for a new opportunity.
9.I will not trade more then 10 candles in a row and I will stop trading if I am up by 4 winning trades.
For example: if my first candle is a losing candle but the next 5 candles are winners, then I will stop trading, since I will be up by 4 wins (5 wins - 1 loss = 4 wins).
Please follow, like and comment !
Trade active
My entry condition was met, red candle formed after green candle touched resistance line. The idea is that price will move down to support line.
Trade closed: stop reached
Resistance was finally broken, so I will abandon this set-up and look for a new one.
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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.