Waiting for an opportunity to get involved
Trade active
The fact that price came to 3 stage structure with so much strength, and couldn't continue the sell of made a good argument for an entry.
Bar by Bar perspective in confluence with longer term fib ret. 78,6% good congestion of structure. Two consecutive rejection bars followed by a reversal candle, which retained more than 60% of its volume.
Entry at 25175
SL at 25116
Initial target at structure 25332
Note
Id just like to make a more psychological comment someone might find helpful.For some this setup might look stupid to trade Long because of the strong bear push or any other reason for that matter, and in this instance they might have a point, but we must be clear on something if you truly want to become a consistent and profitable trader you mustn't trade your opinions or emotions. Trade only of the facts that are clearly stated in your trading plan. If you have back tested the plan and it produces a positive edge over a series of trades. It is your duty to execute each and every one of the setups.
Never pretend that you know whats going to happen. Only thing you need to know is that you have an edge and that you need to think in probabilities to succeed and in order to do so from time to time trade the setup which might have candles you don like.
Trade active
Definitely slow progress which it was expected due to stubbornness of the bears at this general area. Well see if the bulls have enough money to push trough.Trade closed: stop reached
SL hit. It is what it is, to the next 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.