ON 1D CHART I SEE AN UPTREND , I HAVE 3 HH AND 3 HL, IN THIS MOMENT I THINK I CAN GO WITH NEXT IMPULSE MOVE.
I HAVE A 4H CHART ENTRY BASED ON A HAMMER CANDLE AT THE BOTTOM OF THE CORRECTION (AT LEAST I THINK SO, A TRADER WORK'S WITH PROBABILITIES), CLOSED ABOVE SUPORT AND ABOVE TREND LINE .
WITH ALL THIS INFO I DECIDED TO TAKE A LONG POSITION, WITH A 1:4 RR AND I PLACED MY STOP LOSS UNDER SUPORT AND UNDER TREND LINE SO PRICE CAN BREED :)
I THINK I HAVE 2 KEY AREAS THAT WILL HOLD PRICE IN AN UP DIRECTION AT LEAST UNTILL THE NEXT SRESISTANCE MARKED WITH RED DOTTED LINE.
NOT FINANCIAL ADVICE , JUST MY OPINION.
LET THE SHOW BEGIN ;)
I HAVE A 4H CHART ENTRY BASED ON A HAMMER CANDLE AT THE BOTTOM OF THE CORRECTION (AT LEAST I THINK SO, A TRADER WORK'S WITH PROBABILITIES), CLOSED ABOVE SUPORT AND ABOVE TREND LINE .
WITH ALL THIS INFO I DECIDED TO TAKE A LONG POSITION, WITH A 1:4 RR AND I PLACED MY STOP LOSS UNDER SUPORT AND UNDER TREND LINE SO PRICE CAN BREED :)
I THINK I HAVE 2 KEY AREAS THAT WILL HOLD PRICE IN AN UP DIRECTION AT LEAST UNTILL THE NEXT SRESISTANCE MARKED WITH RED DOTTED LINE.
NOT FINANCIAL ADVICE , JUST MY OPINION.
LET THE SHOW BEGIN ;)
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I forgot to mention the divergence on the macd lines that is shown with that red line on macd window, from i personnaly understand that even is more sellers they don,t have the power to brig price lower, and i like to wait for a confirmation candle or candle formations to show me that there is the bottom of the move to trigger my entry.In this case my entry trigger was a green hammer that i mentioned in first describtion.This is just my opinion and a probable scenario.
Always be disciplinated and have risk and money management FIRST PLACE.
OPEN SMALL POSITION ESPECIALLY IF YOU ARE A NEW TRADER.
TRY TO THINK LONG TERM AND THE SUCCESS WILL COME.
IT IS ALL ABOUT HOW MUCH YOU LOSE WHEN YOU ARE WRONG AND HOW MUCH YOU WIN WHEN YOU ARE WRIGHT ;)
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So far so good. I have some move on this one.Note
Is just amazing how technical analysis work's , a simple line on the chart and yet so powerfull. Price reacted to that dotted red line exactly how i expected.
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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.