This is a followup to an idea of last week (link below)
I said that some sort of correction might be incoming now, and we are currently sitting in one. Point C will be the retest of the most recent structure (orange box) as well as the higher degree structure retest at 3(white box).
I will look for a precise entry at this point with stops tigh above the orange box. If we violate this we might likly end up with a much deeper retracement or even the start of a way bigger correction, so really not interested in having wider stops.
pros of that: rather painfree trade even if we are gettin stopped out and great risk reward.
I said that some sort of correction might be incoming now, and we are currently sitting in one. Point C will be the retest of the most recent structure (orange box) as well as the higher degree structure retest at 3(white box).
I will look for a precise entry at this point with stops tigh above the orange box. If we violate this we might likly end up with a much deeper retracement or even the start of a way bigger correction, so really not interested in having wider stops.
pros of that: rather painfree trade even if we are gettin stopped out and great risk reward.
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phew. that was close ;)
