Hello Traders!
Following up on my previous CAKEBUSD analysis, we have seen price consolidate above the setup for some time now and we have also seen good reactions from the ATWHWB setups, witnessing a confluence between two setups develop.
While it can be tempting to maximize potential and use the higher Stop Loss to get a larger position size for the Meso degree setups, it would be wiser to use the lower Stop Loss of the two confluent setups. I have found that making sure we use our ultimate directional bias as our TRUE stop loss ends up allowing us to better react to new market data.
I've included the Opposing Setups in this analysis to show the confluence of the Profit Targets that exist directly in the Short Entry zone. While I am bullish and I expect the short to break, we must be aware of the opposition.
The chart provides key levels to pay attention to and a significant correction channel that we are now bouncing off of the Lower Boundary of. Enough of me, time to let price do the talking.
Happy trading, always manage risk.
Quality in trading is the ability to react to one's own psyche
P.S. I accidentally called the Target at $26.366 the Meso target instead of the Macro target as it actually is. Minor human error!
Following up on my previous CAKEBUSD analysis, we have seen price consolidate above the setup for some time now and we have also seen good reactions from the ATWHWB setups, witnessing a confluence between two setups develop.
While it can be tempting to maximize potential and use the higher Stop Loss to get a larger position size for the Meso degree setups, it would be wiser to use the lower Stop Loss of the two confluent setups. I have found that making sure we use our ultimate directional bias as our TRUE stop loss ends up allowing us to better react to new market data.
I've included the Opposing Setups in this analysis to show the confluence of the Profit Targets that exist directly in the Short Entry zone. While I am bullish and I expect the short to break, we must be aware of the opposition.
The chart provides key levels to pay attention to and a significant correction channel that we are now bouncing off of the Lower Boundary of. Enough of me, time to let price do the talking.
Happy trading, always manage risk.
Quality in trading is the ability to react to one's own psyche
P.S. I accidentally called the Target at $26.366 the Meso target instead of the Macro target as it actually is. Minor human error!
