Looking at the higher timeframes we may see that price with a sharp impulsive downmove has broken below a long term corrective structure and is now is retracing back to the broken level in a corrective mode once again. Most likely it will bounce from that level for another down move.
We should keep a closer eye for a breakout below the correction. This will signal a sell setup with profit target as shown at the chart.
Larget view of structure:
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Price broke below the corrective structure
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Could you advise what does the pink box mean? Are we supposed to sell inside this box? I possibly misunderstood as I was waiting for the break of the lower trend line and a retracement before entry. So my loss was ~50 pips. Could you advise how you kept your loss so small? I want to learn. Just making sure that I fully understand your charts. Thanks and appreciate your effort.
Fxprotrader
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Ok aziz..! The small box represent a level where price has a great chance to bounce from. So as you see price entered and reversed as expected. It broke below the so i then looked for a setup based on my strategy. Breaking below any structure is what alerts you to look for a setup. My setup had a stoploss at 17pips. If you attend tomorrow's webinar we will explain it in details.. I hope that helps!
aziz.au
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Thanks, will join.
ReneK
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Oke thanks for the webinar, i can't join saterday the webinar but comes it on youtube or …?