Prospective E G Trade
How’s this for a potential Trade.
MONTHLY Trend has just turned up
WEEKLY Trend is strongly up
DAILY TREND still up but needs monitoring
If Daily Trend holds looking to fade the downward retracement on the 4Hour chart.
Market is no longer OverSold.
First potential agreement 8957/8966. Supported by reasonably close K agareement 8966/ 9034
Second potential agreement 8722/8746. Possibility of Daily Trend change increases if we move down that far.
But should I also take note of fact that candles in the up move seem to be significantly smaller than those in the down move.View attachment 52028
I've put a snapshot of the stop-grabber I think you mean and of a 'good' example.Well my AUD USD grabber turned the wrong way, or I misunderstand where the Stop loss should be.
I'll post a similar chart, the AUD CAD grabber I took on close of the Daily candle for Wednesday 25th March (the last red candle on the chart) as it raises I few points upon which I would appreciate guidance.
Firstly the stop loss. I assumed it should be just beyond the top of the grabber candle. But thinking about it later should it not have been just past 0.9060 as the previous high.
As to the entry I set a sell limit order to enter at a 38% retrace of the grabber candle. Is that in the usual guidelines or am I mixing up Minesweepers.
The following two candles closed above pMACD. Should I have taken that as a signal to close.
Finally if I remain in the trade at the close of the 3rd candle immediately after the grabber candle should I say Adios to the trade anyway ?
Hope this isnt too many questions
View attachment 52307