Updated Price Action For Upcoming Week
Updated
Price is still in its Bullish pullback phase up until the peak formation high and the upper 25% of the Range.
Price is finding support at the 2025 opening price and the rising trend line.
The break in structure signifies higher prices still to come.
After the bullish pullback fails and the Bearish Daily trend continues, this range should break to the downside. The bullish pullback is counter trend to the Bearish trend.
Price is finding support at the 2025 opening price and the rising trend line.
The break in structure signifies higher prices still to come.
After the bullish pullback fails and the Bearish Daily trend continues, this range should break to the downside. The bullish pullback is counter trend to the Bearish trend.
Note
Trade closed manually
I went long at the Low of Day and the false break of yesterday's low. I used a 100 tick stop due to the increase in volatility and a 250 tick target. A 2.5 to 1 risk reward.
The trade almost hit its target and I moved my stop to B/E after the break of that high, per my plan.
My plan is 2.5R targets, move to B/E after 2R
I saw price not pulling back in a controlled manner but a spike down. I ended up closing the trade at 1R to avoid a B/E scratch trade. I would have been more than happy to sit through a pullback, HAD it pulled back nice and controlled and smooth.
Ended this day 1R. I only allow myself ONE trade per day, win or lose
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