For those who want to try and keep a weekly operation, this is a potential candidate.
Levels on the chart. Remember that whether you are intra day trading or trading daily and weekly swings, money management rules do not change: should the be hit, that loss should not be greater than 0.5 or 1% of your free equity, so calculate your position size accordingly.
Levels on the chart. Remember that whether you are intra day trading or trading daily and weekly swings, money management rules do not change: should the be hit, that loss should not be greater than 0.5 or 1% of your free equity, so calculate your position size accordingly.
Trade active
You are getting the perfect 1 hour setup: sell stop order below the 1 hour flat (1.94). Stop loss can be reduced to 1.956 in this case. Weekly engulfing needs to be confirmed, but to do that we need to wait Friday's close.Note
(Actually it is a 15 minute flat, and the stop sell should be at 1.939 to be more precise)Note
This hour is crucial (8 to 9am London time). If this is not a red candle engulfing the previous, we will call the trade off.Order cancelled
Trade's off, no setup and structure invalidated.Note
We might get the weekly engulfing and a setup this week. But at this point we need a 15 min or even better a 1hr correction first, before we can confirm the downside. Stay tuned.
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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.