Sharp rally from low presents another short opportunity

٢٣ أغسطس ٢٠١٧

This rally has good momentum and previously, i mentioned I only take trades when the candle formations are within the zone.
Now, at 61.8% retracement, there is a good case when I always use risk to reward to confirm possible setups. Although i am
planning to short, it has to be in my favour. I am using a longer term 4 hour time frame to trade so i'd look out for lower high,
lower candle on the 4 hour chart, must be within the zone and place a stop entry below that candle.

٢٣ أغسطس ٢٠١٧

ملاحظة

FYI, actually my entry method is dependent if i'm trading patterns or market structure. For patterns, it's always fixed but for structures, i take into account the momentum and volume taking me to the zone.If, it creeps up slowly with low volume, i may decide to enter on 61.8% instead of waiting for a lower high lower low to form in the zone.

٢٣ أغسطس ٢٠١٧

ملاحظة

I'm preparing to short, wont chase it. I'd like to see it pop up to 2445 area and above. Currently it is selling off after bad housing numbers.

٢٣ أغسطس ٢٠١٧

ملاحظة

It is right now popping back. I'd be looking at 1 hour chart for my lower low lower high close.

٢٣ أغسطس ٢٠١٧

ملاحظة

Entered on 2443.5. Target is at 2436.75. 2nd target is 2426.

٢٤ أغسطس ٢٠١٧

ملاحظة

First Target has been achieved and stop is moved to breakeven.

٢٤ أغسطس ٢٠١٧

أغلقت الصفقة: تم الوصول لوقف الخسارة

Spiked and stop out break even on remaining position.