Still sticking with the bullish trend on the short term ( 1 Hour ), I will be waiting for pullbacks into my support zones of 1 & 2 areas. The 1 hour's 200sma is flat which tells me range. Whether price works the low or the high first is key.
My stops are always 40 ticks and targets are 85 ticks.
Last week I only took 3 trades. 2 winners and 1 loser.
Looking at the 5 minute chart, the 21ema is pointing straight down and there is distance between the 21ema and the flat 200sma.
My Monday play IF set up will be a sell continuation pulling back to the declining 21ema in a bear flag. Ok if it pops above the 21ema by a bit.
My stops are always 40 ticks and targets are 85 ticks.
Last week I only took 3 trades. 2 winners and 1 loser.
Looking at the 5 minute chart, the 21ema is pointing straight down and there is distance between the 21ema and the flat 200sma.
My Monday play IF set up will be a sell continuation pulling back to the declining 21ema in a bear flag. Ok if it pops above the 21ema by a bit.
Note
Using Oliver's concept of third's, any bounce into the bottom third and half way point should go to new lows. If it starts to get into the top third, then I am a little worried that the next move would be up. That fat bar that surged off the 21ema, I suspect that the high should not be violated.Trade active
Trade closed manually
Closed at 2 to 1, not to get greedy with that bigger target100 ticks profit
Trade active
Took a bounce off the bottom of the channel with the flat 200smaNote
My thinking when taking that sell trade. I had a bearish bias since I made this post on Saturday. It is kind of funny how the market lets you know in advance what is going to happen over the weekend. I thought it was going to bounce up more but it ended up rolling over. I probably could have taken more profits. Still working on this bad habit.Note
I gave up a lot of profit on that buy reversal trade. This was my thinking when taking the trade. I am disappointed in myself for cutting to early on both trades.Note
I don't trade with MACD but I found it interesting that the last 15 minute candle of Friday signaled a sell signal on the MACD. It is like the market told everyone what it was going to do 2 days prior.
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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.