ok traders here we have a sell opportunity. Risk is always present.
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weekly
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daily
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8h
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to protect your trade always count waves on lower time frame.
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1H
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15m
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going as spected. first area reached spect a pull back 15 m
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Structure Update 15m looks like it made 3 waves down as a WXY and now a b wave is in tha making. it can be any b wave, from a simple 3 waves to a complex one, we Will see what structure tell us.
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5m big picture still down side
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1H
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15m Price touched box. lets see if it behaves as spected with a 5 C wave to the down. remember.... market can do anything in terms of price movement.
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ok for now price is holding the area. lets see what comes
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knowing structures gives you advantage 90% probability. only 10% wrong
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just see how it falls :)
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the key friends is to follow it on every time frame. if i where to sell in the 1H time frame (which i didnt cause i am long term down already) i would now be on a brake even trade.
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all structures change as they develope so i am always ahead of what can come on terms of price movement. example. now a have a B wave finish. but B waves tend to be complex waves and can change my structure in any minute.
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its ok to be wrong. just learn to read charts. easy? not at all!!!!. but if you study charts you learn to read them. Indicators are just tools but they tend to give lots of fake signals.
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:) ok friends now what? i am still on my trade down side. followinf the structure i saw it making an expanded flat so i decided to remove my stop.
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structure change but down side still valid. this happens on tricky b waves. it should drop
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no need to panic :) here comes the importance of risk management. i started my trade aware of this scenario.
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daily structure hasnt change our correction turn out complex but i know what comes so i will wait it to drop take a break even trade and will wait for the next setup to the down side
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my 4H expanded flat will develope when it drops i will take profit and exit my daily down trade as it may do a higher leg more
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4H update
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daily structure still down
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see what i mean. if you know structure stop loss is no problem now i have to decide if i exit the trade on break even or still keep it :)
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hello Friends, well let me first say that i am still in my trade. wave X about to reach 76% retracement so i spect down side from there tradingview.com/x/MMkohJV7/down side structure hasnt change yet for me
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my risk management strategy allows me to remove my stop in this scenarios