Personally I am not taking this trade; however I would like to see the outcome of my analysis. Looks like a pretty simple setup.
-Trendline retest (3x) confirmation
-Weekly rejection candle
-Would enter at the .50 fib retracement
1:3 Risk/Reward (Conservative)
This is a counter trend trade on the weekly time frame. The higher the timeframe the better the odds. Zoom out for a clearer picture.
-Trendline retest (3x) confirmation
-Weekly rejection candle
-Would enter at the .50 fib retracement
1:3 Risk/Reward (Conservative)
This is a counter trend trade on the weekly time frame. The higher the timeframe the better the odds. Zoom out for a clearer picture.
Comentarios:
Move stop via weekly to take some risk off of the table.
Comentarios:
TIP: It's a good practice (at least for me) to enter a power candle via .50 fib just like a rejection candle entry. Could have saved us/you 9 weeks of time in a trade like this. Long term view though so patience is key.