Hi ST, For the Breakdown Trade, we were trading into BW, can this be taken. My thought Very likely of a bounce from middle of range.
Cant rule out such a bounce. Price moved up from the 8560-80 area and traded in a higher range8580-90 for a while. A breakdown into an earlier range will take price to the lower range bottom usually. Even in the case of a bounce, BO point will act as a flip and hold price for a while. Risk will be 3 or 4 points. If it breaks the low of the range it will run. See how it bounced from range low and sold again at the flipST
thank you ST
If you didnt have long after seeing what price action you would have decided to look for short ? and at what exact level would you expect most long stops to trigger ?
You can short the higher range break down. Read reply to xrtraderThere were enough stop orders to take price to the range bottom from where buying startedST
Imo as it made higher high around 1242 i was thinking that its more likely to go higher now and test 8600, like me many would be long thinking that and so it would be good short if it broke 8576 or 75 as they will be trapped.
Your reading is correct. The BO bar I entered long acted as a MC and short the low of that candleST
Thank you sir.....
Note: Only a member of this blog may post a comment.