We had 3 pushes down at the bottom of the channel, then got an unexpected breakout toward the top of the channel.
The breakout was strong, but it did not get very good follow-through, so for now I do not want to treat it as a clean bull breakout yet.
On the 15m, price is now forming more of a triangle / channel cycle after the breakout. Because of that, I think the better way to frame this trade is not “buying a major breakout” and also not “shorting a failed breakout.”
The trade here is more like:
betting on a 15m channel up / second leg up after a very strong reversal from the bottom of the 1H channel.
So if I take the trade here, I am treating it as an anticipatory long, not a confirmation breakout long.
Idea:
Entry around current area
Stop below the recent 15m higher low / lower edge of the structure
First target = retest of the spike high
Second target = extension higher if bulls get a second leg
If the 15m structure breaks down cleanly, then the idea is invalid.
The breakout was strong, but it did not get very good follow-through, so for now I do not want to treat it as a clean bull breakout yet.
On the 15m, price is now forming more of a triangle / channel cycle after the breakout. Because of that, I think the better way to frame this trade is not “buying a major breakout” and also not “shorting a failed breakout.”
The trade here is more like:
betting on a 15m channel up / second leg up after a very strong reversal from the bottom of the 1H channel.
So if I take the trade here, I am treating it as an anticipatory long, not a confirmation breakout long.
Idea:
Entry around current area
Stop below the recent 15m higher low / lower edge of the structure
First target = retest of the spike high
Second target = extension higher if bulls get a second leg
If the 15m structure breaks down cleanly, then the idea is invalid.
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