Just opened the charts and saw the slow in momentum i was talking about this morning. I wantd to scalp a few pips on the SHORT so i dropped my chart down from a 4hr to a 15min. There is the draw down.
My entry candle is at June 21st @ 12: 45pm Central Time My SToploss is the last high candle June 21 @ 11:30am Stoploss is 1.64%
Take profit is equal to the RSI formula. Most traders will take a 1:1.5 in this move since Technically price action has not fully gone below the 200 #Moving #Average. But i took a look at the candle BEFORE the entry candle. The RSI for this candle is -5.90 (or 44.10). My RSI uses a ZERO as a mid line.
The formula calculates the move to 1 : 2.59 This is my take profit. Which should also be the CLOSE of the candle as well as a few candles later, there will be a bullish pullback at that same level THe price level for this is $0.476720
When stocastic rises again out of the over sold area, price will cross the $0.476720 level and move up 50% of the drawdown. This means after the bearish move, you can go long to $0.492114
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