Trade plan (created for each trade)
1.) Signal / entry
2.) Initial Stop loss
3.) Target / way of managing trade
=====================
1st trade
1.) short on a retracement to the supply line / entry 3562.25
2.) stop 3565.50
3.) Exit when supply line is broken.
Solid trade
Question regarding 3.) above though â breach of the overall supply lineâ¦
Or the near term supply line - made by the red bar w/ the wick (almost center of your first red circle)⦠and the next long red bar)
Or a breach of the intermediate supply line - made after the 3 green bars (8:36 ish)
I donât know the PA that precedes the first red circle â but if you look there are a couple of things going on
A DB â before price swings back up the to the over all supply line (8:41 ish)
And.., once price swings back up and puts in the DT â there is essentially a range â encompassing the 2 DTs and the 2 DBs (8:30 - ~8:46 ish)
Just something to be aware of as the session is unfolding
Later.., at the bottom of the move down from the DTâ¦, notice how price consolidated a bit (5 bars) at the bottom of the range I mentioned (8;51 - 8:55 ish) â¦, retraced to ~ the halfway point (50%) of the range.., then resumed down
Additional sign of weakness
2nd trade
1.) short off of the steeper drawn supply line / short 3548
2.) stop of 3551
3.) exit when supply is broken.
Price pulled backâ¦, but never made it to the bottom of the range I mentioned above â close to the bottom.., but not to it (further sign of weakness)
This move / area could also constitute as a DT entry (1 top just prior to 8:49... the 2nd just after 8:49)
Good trade
3rd trade
1.) long on the retracement from the demand line and also a higher low / long 3526.75
2.) stop at 3523
3.) or when demand line is broken.
This one I question a bit
The demand line;
Appears like you drew it off the body.., and not the wick/ tail
Yet other lines â youâve drawn off the wicks / tail
I would respectfully suggest you pick one method and stick to it (wicks or bodies) â I use the wick / tail
Another aspect I question â you went long into a range (9:45 to ~9:50) â had you considered that??
Last aspect â I think the risk was a bit much for the conditions
Bars 10:11 / 10:12 / 10:13 make HLs and a demand line (up move TL) â why not make a breach of that the stop and reduce your risk by almost 1/2
4th trade
1.) long from a higher low / long at 3535.75
2,) stop at 3530
3.) exited at the double top which was the 5th trade / or when demand line is broken.
I question this trade also
Higher low â from the low @ 10:08??
If so.., what queued you in this was a HL
I see price testing the top of the range formed @ (9:45 to ~9:50)
I also see another range just above your entry @ 10:31 to 10:38
My opinion (only) with all the weakness throughout â this trade is very risky â if I had gone long â the target would be top (test) of the 10:31 t- 10:38 range
The stop for my long would have been 3551 (absolutely no room â it either worksâ¦, or fails and Iâm out)
last trade
1.) short (DT I assume) / short at 3539.50
2.) stop at 3542
3.) exited on the trend line break around 1:30 / exit when supply line is broken
Solid trade
===============
General comments
I like your clean charts (minimal lines) â makes it easy to focus on PA / trade signals
RN
1.) Signal / entry
2.) Initial Stop loss
3.) Target / way of managing trade
=====================
1st trade
1.) short on a retracement to the supply line / entry 3562.25
2.) stop 3565.50
3.) Exit when supply line is broken.
Solid trade
Question regarding 3.) above though â breach of the overall supply lineâ¦
Or the near term supply line - made by the red bar w/ the wick (almost center of your first red circle)⦠and the next long red bar)
Or a breach of the intermediate supply line - made after the 3 green bars (8:36 ish)
I donât know the PA that precedes the first red circle â but if you look there are a couple of things going on
A DB â before price swings back up the to the over all supply line (8:41 ish)
And.., once price swings back up and puts in the DT â there is essentially a range â encompassing the 2 DTs and the 2 DBs (8:30 - ~8:46 ish)
Just something to be aware of as the session is unfolding
Later.., at the bottom of the move down from the DTâ¦, notice how price consolidated a bit (5 bars) at the bottom of the range I mentioned (8;51 - 8:55 ish) â¦, retraced to ~ the halfway point (50%) of the range.., then resumed down
Additional sign of weakness
2nd trade
1.) short off of the steeper drawn supply line / short 3548
2.) stop of 3551
3.) exit when supply is broken.
Price pulled backâ¦, but never made it to the bottom of the range I mentioned above â close to the bottom.., but not to it (further sign of weakness)
This move / area could also constitute as a DT entry (1 top just prior to 8:49... the 2nd just after 8:49)
Good trade
3rd trade
1.) long on the retracement from the demand line and also a higher low / long 3526.75
2.) stop at 3523
3.) or when demand line is broken.
This one I question a bit
The demand line;
Appears like you drew it off the body.., and not the wick/ tail
Yet other lines â youâve drawn off the wicks / tail
I would respectfully suggest you pick one method and stick to it (wicks or bodies) â I use the wick / tail
Another aspect I question â you went long into a range (9:45 to ~9:50) â had you considered that??
Last aspect â I think the risk was a bit much for the conditions
Bars 10:11 / 10:12 / 10:13 make HLs and a demand line (up move TL) â why not make a breach of that the stop and reduce your risk by almost 1/2
4th trade
1.) long from a higher low / long at 3535.75
2,) stop at 3530
3.) exited at the double top which was the 5th trade / or when demand line is broken.
I question this trade also
Higher low â from the low @ 10:08??
If so.., what queued you in this was a HL
I see price testing the top of the range formed @ (9:45 to ~9:50)
I also see another range just above your entry @ 10:31 to 10:38
My opinion (only) with all the weakness throughout â this trade is very risky â if I had gone long â the target would be top (test) of the 10:31 t- 10:38 range
The stop for my long would have been 3551 (absolutely no room â it either worksâ¦, or fails and Iâm out)
last trade
1.) short (DT I assume) / short at 3539.50
2.) stop at 3542
3.) exited on the trend line break around 1:30 / exit when supply line is broken
Solid trade
===============
General comments
I like your clean charts (minimal lines) â makes it easy to focus on PA / trade signals
RN