The current state of the world makes this a high risk trade, but my set up is clear. Let's see what happens.
Indication — Last week, price broke the previous high at 59.77 to find the new level of sellers at 62.36.
Correction — After reaching this new level of sellers price corrected back to the previous swing high and swing low levels in the uptrend (the break-out level).
Continuation — Currently, buyers and sellers are equal, but if price gets above 59.77, it is a signal that buyers have momentum and are taking control of the market. At 59.77 I will put my trust in the market structure and buy the continuation to 62.36, the price that the market showed us that it's capable of reaching as of last week.
Condition: I will place this trade so long as price doesn't break the 4H swing low first.
Indication — Last week, price broke the previous high at 59.77 to find the new level of sellers at 62.36.
Correction — After reaching this new level of sellers price corrected back to the previous swing high and swing low levels in the uptrend (the break-out level).
Continuation — Currently, buyers and sellers are equal, but if price gets above 59.77, it is a signal that buyers have momentum and are taking control of the market. At 59.77 I will put my trust in the market structure and buy the continuation to 62.36, the price that the market showed us that it's capable of reaching as of last week.
Condition: I will place this trade so long as price doesn't break the 4H swing low first.
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Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.