‍☠️ Jolly Roger Analysis Jolly Roger Signals Bay

kris82

Private, 1st Class
Messages
33
Thanks Roger... I think there is something wrong on the feb levels indicated in this chart. Though the level is still good to sell as it is a confluence and agreement according to my chart
I don't see anything wrong with fib levels, however my question is why SL is in this particular place. Putting it slightly above, so above confluence+1.618 expansion (agreement) shouldn't be better option? Or you assume monthly trend in this price range will be bullish?
 

RogerTC

Special Consultant to the FPA
Messages
243
Gents,

Thanks for the comments. Here is the chart with correct levels,


Capture.PNG



Regarding placing the stop;

If you are conservative you need to place it above 1.9485 (F5) AND 1.9533 (possible wash and rinse of stops). However, you can prefer to place a bonsai stop above agreement + confluence at 1.8835 also.

We want to sell very strong resistance level with a higher timeframe in our favor. Even if we place a stop above 1.9533 we shouldn't wait until market hits our stop and should monitor how the market reacts on the agreement +confluence resistance. If it breaks and reacts like the resistance doesnt exist this means that there is something wrong as the market not respecting very stong fibonacci zone. So we should look for ways to get out of the trade.

We dont know if the market will reach our entry level but if it does we will have many opportunities.

1- We can fade the weekly trend against monthly as per standart trade plan and look to take profit on weekly chart.
2- We can scalp the weekly resistance and look to take profit on 4hour timeframe.
3- If the market starts thrusting down on lower timeframes when it hits our entry level we can play as per thrust plan or modified trade plan in lower timeframes. Basically; we will know that market respecting weekly resistance and will move down side on the next 6 to 12 weeks so this will be our context and we will be looking to sell any retracement at fibonacci resistance zones in lower timeframes.


Regards,
 
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