Update - Out@B/E since no progress in this pair.
If the markets don't make any progress. you have to overthink your position.
Because your money needs to work. So I close it and put my money to work in another position.
Who of my students will step up and describe this chart?
You can add anything you want to it.
And yes, I'm long this market ;-)
Update - Stop/Loss & Out.
Our quiz chart...let's see if we can reach the CL.
I posted this live on TradinvgView.
Anybody on the train with me?
However, it looks like we are doing good so far...
Update: More insights into the current Game
With this chart, I want to give a more in-depth view on the hourly chart, although I only manage my trades in the original chart.
You see the Blocks (orange & red).
These are very often important structures. They have their merit, and we can get useful information from them, supporting our decisions in trading.
The downsloping yellow Fork shows us the most probable path of price.
Now, price reached the CL already.
Then a decent pullback, leaving structure (red Block) on the chart.
After reaching the U-MLH, price got a natural rejection (price is stretched) and then released it's energy to the downside (pink WideRangeBar).
Of course, it must pull-back, just to take out the weak hands, sametime running into the next structure - the red Block.
From here we will see a important decision playing out - Bears vs. Bulls.
Keep in mind that the really important part plays on the higher timeframe. So this is just a more insight into the playground of the madness §8-)
Update: A new view in the daily chart
Watch how this looks on the daily.
The very low close should tell a story to us. To me this looks like a washout of the shorts with too tight stops.
If price falls back into the Fork, then chances are super high that we reach the Centerline. For now I'm in the market with a little position. Let's see if we can load the Boat a little more...
Update: Here it is, back into the Fork
If you also nibbled on the short side while price having a hard time, then you are happy now...me too §8-)
Not only have I have built up a short position in the last days. But I also wait for a pullback to load the boat even more. Talking about reverse pyramiding...
What about stops?
Well, as I always say, it has to be behind solid structure. Where was the washout? From where was price falling again and again? There you have it, your stop to hide behind.