OLD TRAP FOR YOUNG Traders
When you see a chart like the 4H chart on ZCL , we all want to do the same thing, we want to buy. But the pros know that the charts show us what has happened and we know what is likely next, Price is extended and likely to pull back. Those who rush in tend to donate their money to the few that understand the market (and thanks very much for that) , those who wait can do very well.
When we cut to the Hourly chart we can see the start of a pullback, and a nice target for a bounce and entry. Price is testing the 50 (Red line) but still I would not rush in. Let’s wait for end of the hour and see what support we have found. It is possible we could pullback to the 20ema, or either Orange line. Once we have done that if we like the level, jump down to a 15 minute chart and look for a decisive buying bar. This is a nice aggressive entry.
We risk the bounce coming early and leaving us behind, and it can happen, but usually we save ourselves an early entry and the losses that can follow.
Please also keep an eye on the D chart, this could set up very well there.
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We only enter if we have an opportunity, at the moment .0122 target is not far being reached buy we are yet to see a bounce or entry
More targets will follow
WE should have hit target 2 perfectly and taken more profits before the pullback on this trade
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Listing confirmed on some shady exchange. I know it's on my page history but even then it's not worth find out again.