I am placing a limit order using my intraday account for 44,996 that I feel very confident on.
The middle of the range is at 45,000
The point of control also is at 45,000
Because this is most likely a bull hammer weekly candle and its NFP week, I am expecting bullish trend days coming. Because Monday-Wednesday created the peak formation low under the weekly open price, price is now in expansion phase to complete a measured move of 625 ticks.
I am using a 50 tick stop to allow me just under that 2-hour bullish bar. I am targeting just a little bit over the pivot high or what the market gives. Because this trade is a day trade, I need to be out by 4pm.
So far, price is playing out nicely as I described in my weekly template post. It bounced off of where it was supposed to and is now in expansion phase.
Because nothing is guaranteed in the market, I will cut my loss at 50 ticks. This is a trade idea that looks good to me and I am willing to risk 1R for 4R today.
The middle of the range is at 45,000
The point of control also is at 45,000
Because this is most likely a bull hammer weekly candle and its NFP week, I am expecting bullish trend days coming. Because Monday-Wednesday created the peak formation low under the weekly open price, price is now in expansion phase to complete a measured move of 625 ticks.
I am using a 50 tick stop to allow me just under that 2-hour bullish bar. I am targeting just a little bit over the pivot high or what the market gives. Because this trade is a day trade, I need to be out by 4pm.
So far, price is playing out nicely as I described in my weekly template post. It bounced off of where it was supposed to and is now in expansion phase.
Because nothing is guaranteed in the market, I will cut my loss at 50 ticks. This is a trade idea that looks good to me and I am willing to risk 1R for 4R today.
Note
If Thursday is a trend day in this bullish weekly template, then Friday should be a continuation of the trend with a bullish NFP. So far after studying so many weekly templates, this is looking like a bull hammer weekly candle with Monday-Wednesday being the tail wick. We haven't had any trend days in this week so far and this leads me to believe that Thursday and Friday will be just that.
Trade closed: stop reached
Well I tried on this idea and failed miserably. I got filled and stopped out all in the same candle. The market had other plans and the level I thought would hold, failed.
Related publications
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.
Related publications
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.