Hey Traders,
I know its slightly late, however as I was scrolling through the charts, I remembered about this trade that I was keeping an eye on. This is a simple Trend Continuation trade for me, We are breaking structure to the downside, and now we got a pullback intro previous resistance which gives us a great RR. For this entry, we waited for a lower low lower close, if you have to zoom it, do it. You will see how price consolidated, even put in a small double top with RSI divergence, and then finally we got the bearish confirmation candle when it closed below those lows. Stops should be above that high, because if price passes that, that most likely I was wrong and I want to be out of the market.
You can break this position up in two, and remove half your position at that level of support, and then move your stops to break even, or you can just trade one in and one out. Personally I Like securing my profits ASAP and then looking for extended targets. That Way I never leave myself exposed for too long. Anyways, Hope this trade Idea helps,
Like always, if you have any questions feel free to comment below !
I know its slightly late, however as I was scrolling through the charts, I remembered about this trade that I was keeping an eye on. This is a simple Trend Continuation trade for me, We are breaking structure to the downside, and now we got a pullback intro previous resistance which gives us a great RR. For this entry, we waited for a lower low lower close, if you have to zoom it, do it. You will see how price consolidated, even put in a small double top with RSI divergence, and then finally we got the bearish confirmation candle when it closed below those lows. Stops should be above that high, because if price passes that, that most likely I was wrong and I want to be out of the market.
You can break this position up in two, and remove half your position at that level of support, and then move your stops to break even, or you can just trade one in and one out. Personally I Like securing my profits ASAP and then looking for extended targets. That Way I never leave myself exposed for too long. Anyways, Hope this trade Idea helps,
Like always, if you have any questions feel free to comment below !