Sharp rally from low presents another short opportunity
This rally has good momentum and previously, i mentioned I only take trades when the candle formations are within the zone.
Now, at 61.8% retracement, there is a good case when I always use risk to reward to confirm possible setups. Although i am
planning to short, it has to be in my favour. I am using a longer term 4 hour time frame to trade so i'd look out for lower high,
lower candle on the 4 hour chart, must be within the zone and place a stop entry below that candle.
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FYI, actually my entry method is dependent if i'm trading patterns or market structure. For patterns, it's always fixed but for structures, i take into account the momentum and volume taking me to the zone.If, it creeps up slowly with low volume, i may decide to enter on 61.8% instead of waiting for a lower high lower low to form in the zone.
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I'm preparing to short, wont chase it. I'd like to see it pop up to 2445 area and above. Currently it is selling off after bad housing numbers.
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It is right now popping back. I'd be looking at 1 hour chart for my lower low lower high close.
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Entered on 2443.5. Target is at 2436.75. 2nd target is 2426.
Bình luận:
First Target has been achieved and stop is moved to breakeven.
Đóng lệnh: dừng lỗ:
Spiked and stop out break even on remaining position.