Pot long on close above trendline and %D hook on 120 chart. Chart Notes
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Scalped closed..looking @ a pot short set up now...
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This was a sweet scalp. Missed the big run on this trade, But rentered long on a trend continuation cycle low trade. the trend continuation trades have a much high probility of success when taken on the 2 and 4th cycle low in a new trend. Reason being there are on avergae 5 cycles in a trend some extend crazy long 9 10 etc. But after the 5th cycle long we start looking for reversal set ups. Reversal trades have a lower W/R but when then they hit...they are sweet. We are currently looking at reversal trade on this pair as it is at cycle 7 and have stopped out once. Timing is a little toughr with these trades, But man they pay off. watching a possible H&S on the H1 TF