-Find fair market value after a very bearish/bullish candle pattern in a structure break (liquidity grab).
-Use technical analysis tool (levels, trendlines, fibonacci, channel, range or next fair market value) to find a take profit or get 50% out at 2% + stop loss at breakeven.
-If price does not get past 2% profit, close position when a candle body closes through...
Support and resistance from last high and low on the daily timeframe.
Draw a trendline.
Use a fib from the first high/low to the last.
Use a reversed fib to correlate its extensions to the first fibs retracements.
2-3 confluences to take a trade.
100 pip stop loss.
30 pip stop loss for scalps.
Bearish trend
Looking for last touch at the 0.618 fib (fib from 1.0179 to 0.5502)
Possible break of the top descending trendline (downtrend from 08-02-2022 to 01-03-22)
Tight stop loss over the last wicks
Swing short to create the next lower low.
Trendlines: would be the third touch of the upper trendline if the recent breach of the outer trend line is a fakeout.
Fibonacci: correlates with a fib placed from the last lower high to the next supply zone under the monthly support.
Resistance: Right under a monthly resistance.
Volumes: rising short volumes can result...
