Entry price: above $49.23
Stop price: under $47.50 (48.40)
Target area: open
Chart explanation:
It is great example how day trade setup can turn in to swing or maybe position trade. MHS forming 30 min 3rd try triangle and that is good day trade setup what can be trigger for daily/weekly and monthly triangle. Day trade stop is under $48.40 and we can use it for longer trade, but also if 30 min triangle wont hold I will still follow MHS for setup based on the daily chart with stop under 47.50.
If anyone will have any question about MHS setup or about any other please feel free to contact me.
I think that right now we have three ways to be traders. One is cash and it is very good position right now. Other is scalp trader (that is what we doing lately) and third is to be on some other market, like FOREX. Like to share several examples what we did, but only as examples to see what is in line right now and I want to note that trading risk is extremely high and CASH is my position while PATIENCE is my best friend.
Market will back that is 100% sure, but right now is best to wait that. Until then one of above explained ways are only ways to survive.
Wish you all good trading.
Point is what ever we trade right now trading risk is EXTREMLY high. Every overnight position is like a gambling. Personally I stick with FOREX with small risk. There are many extended charts too. Iâm not best scalp trader and Iâm trying to avoid that setups, and if I will take it will be with very small risk and that canât hurt me.
