3 Scenarios for TAEL where i plan to take positions if price should fit the requirements:
Scenario 1 (blue arrow)
1. Price goes under green support level
2. Reclaims green line and breaks red trendline
3. Buy on retest of green line
Target: Resistance level, confluence of important level (Swing- Low)
S-L: Under last local swing low
Scenario 2 (orange arrow)
1. Price breaks blue resistance area
2. Generates a Swing
3. Beaks the local Swing- High (small red line)
4. Generates a new Swing High
5. Buy on retest of blue support area
Target: Target: Resistance level with confluence of the 50% FIB level
S-L: Under the blue support
Scenario 3 (yellow arrow)
1. Price breaks blue resistance area
2. Price falls under blue resistance area
3. Reclaim of blue Resistance area
4. Buy on retest
Target: Target: Resistance level with confluence of the 50% FIB level
S-L: Swing- Low generated in step 2
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se
Scenario 1 (blue arrow)
1. Price goes under green support level
2. Reclaims green line and breaks red trendline
3. Buy on retest of green line
Target: Resistance level, confluence of important level (Swing- Low)
S-L: Under last local swing low
Scenario 2 (orange arrow)
1. Price breaks blue resistance area
2. Generates a Swing
3. Beaks the local Swing- High (small red line)
4. Generates a new Swing High
5. Buy on retest of blue support area
Target: Target: Resistance level with confluence of the 50% FIB level
S-L: Under the blue support
Scenario 3 (yellow arrow)
1. Price breaks blue resistance area
2. Price falls under blue resistance area
3. Reclaim of blue Resistance area
4. Buy on retest
Target: Target: Resistance level with confluence of the 50% FIB level
S-L: Swing- Low generated in step 2
////////////
My General rules and approach regarding trading:
- I mark levels that i find interesting and set up requirements what price needs to do at these levels so i feel comfortable to take the trade
- What price does till its reaches my levels doenst matter to me, even if it takes days, weeks or even months or never at all (Alarms are set and thats it)
- For my entries i often use Strategies on smaller time frames and to increase my chances and profitability (Breaks in LTF-MS, HS etc.)
Dont forget:
- Watch your Risk management
- DYOR (Do-Your-Own-Research)
- This information / article is only for educational purporses and not a recommendation to buy or sell. I'm not a Financial Advisor.
Thanks for reading!
trader_se