Limits
YOLO...keep your FOMO under checkCliche candle patterns can be mis-spdcified.
In some cases if a market can probe the Limit Order Book deeply it can mean quite the opposite to what is wriiten...so hammer-like formations can signify further downside and weakness over several bars.
So just use limits and dont get sucked in on the upside.
Possible EUR/CAD short Position!!SMP TRADING
SELF DEVELOPMENT/METHODOLOGY/PSYCHOLOGY
SMP Strategy
Chart time frame - H4
Timeframe - 2-3 Days
A – Activating Event
Market will meet resistance in zone @ current levels - ... . In order to enter into this trade, the pair MUST be in line with my Entry Procedure....
B – Beliefs
Market will move towards the first Target 1 level @ 1.447
C - Fundamentals that may affect the pair
EUR Zone consumer Price Index on the 31st Oct @ 20:00 AEST
D - Trade Management
Entered @ .....
Stop Loss @ .....
Trailing Stop Loss@.....
Target 1 @ 1.447
Target 2 @ ....
Risk/Reward @ 2.5.1
Happy trading :)
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This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
On Watch for Wednesday, November 22First close over the 50 day EMA since July. Some resistance @ $3.40 and $3.61 then it's smooth sailing to $4.50. Targeting $4.50 first, $5.00 second and then the 200 day EMA around $5.75. Some weak support @ $2.89 and more solid support @ $2.55. Watch List @ TraderPix.com
On Watch for Wednesday, November 22Bounce off of support on it's way to the 200 day EMA. Targeting $0.75 with Resistance on the way @ $0.55 and $0.65. Stop set below support @ $0.47.
Watch List @ TraderPix.com
On Watch for Wednesday, November 22Upside move and a break of the 50 day EMA after hours. Entry over $1.02 targeting $1.30 first and on the break of $1.40 new target will be $1.80. Support @ $0.82 could be a spot for a stop.
Watch List @ TraderPix.com
On Watch for Wednesday, November 22Close above the 50 day EMA could be the beginning of the gap fill. Targeting $2.27 first with resistance on the way @ $2.01 and $2.13. Looking for the gap fill @ $2.94 on the break of $2.27. Tight stop below $1.80 and a looser stop below $1.70. Watch List @ TraderPix.com
On Watch for Tuesday, November 21Big move today, watching for continuation tomorrow. First target of $4.68 with a second target of $5.50. Support @ $3.45 and $3.22.
Watch List @ TraderPix.com
On Watch for Tuesday, November 21Triangle / Pennant forming looking for a break to the upside in the coming days. Targeting $1.80 with resistance @ $1.60. Stop could be set below support @ $1.35.
Watch List @ TraderPix.com
On Watch for Tuesday, November 21Bottom bounce play. Targeting the gap fill @ $1.35 first and $1.60 second. Stop set below support @ $0.81.
Watch List @ TraderPix.com
On Watch for Tuesday, November 21Break of the 50 day EMA today, looking for this momentum to continue tomorrow. Entry over $1.22 with a target of $1.40. Support for stop placements @ $1.18 for the tight stop and $1.13 for the looser stop.
Watch List @ TraderPix.com
On Watch for Monday, November 20Showing signs of breaking out of this month long consolidation. Possibly on it's way to test $2.00 in the upcoming week. Resistance on the way to $2.00 @ $1.48 and $1.72. Support for stop placements @ $1.28 or $1.20.
Watch List @ TraderPix.com
On Watch for Monday, November 20Big move through the 50 day EMA on Friday. Watching for continuation on Monday with a target of $4.00. Some resistance @ $3.80 on the way to target. Support @ $3.08 and the 50 day EMA around $3.39.
Watch List @ TraderPix.com
On Watch for Monday, November 20Looks like the bulls are regaining control and trying to make a push to the 200 day EMA. Entry over $1.40 with resistance @ $1.55 before hitting a target of $1.70. Stops could be placed below support @ $1.26 or $1.21.
Watch List @ TraderPix.com
On Watch for Monday, November 20This curl off the bottom finally closed above the 20 day EMA on Friday. Could be the beginning of a run to the 50 day EMA. Targeting $4.00 with resistance on the way @ $3.11 and $3.46. Depending on your risk tolerance stops could be placed below support @ $2.73 or $2.50. Watch List @ TraderPix.com
On Watch for Friday, November 17Flag break through the 50 day EMA today. Could easily see the 200 day EMA tomorrow. Some resistance @ $0.83 and $0.89 before hitting a target of $0.95. Support for stop placements @ $0.76 or $0.74.
Watch List @ TraderPix.com
On Watch for Friday, November 17Wasn't able to close above the 50 day EMA on yesterday's spike but the bulls managed to do it today. Seen this pattern ahead of big moves many times. Possible test of the 200 day EMA in the next few days. Targeting $4.64 tomorrow with resistance on the way around $4.28. Tight stop could be set below the 50 EMA around $3.66 or $3.10 for the looser stop.
Watch List @ TraderPix.com
On Watch for Friday, November 17A close back above the 50 day EMA could mean the bulls are finally back in contorl. Looking for a pre-earnings spike to $0.60 with resistance on the way @ $0.50. Stops could be placed below support @ $0.41, $0.39 or $0.37 depending on your risk tolerance. Watch List @ TraderPix.com
On Watch for Friday, November 17Big move through the 50 day EMA today. If it stays above the 50 EMA tomorrow target will be $1.59. Support at the 50 EMA around $1.12, $1.00 or $0.83. Place stops according to risk:reward strategy.
Watch List @ TraderPix.com
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