Price was trending in a range of about 200 pips - 129.60 to 131.60 ( we can argue about specifics)
Price broke - looking for about a 200 pt move from the that break - almost hit 133 without a significant throwback to the MOMO bar on the 15 minute chart ( bar that did double the avg range) - to the break out point ( there was a little bit of a retrace initially after breakout)
From the low of the range, to the most recent high ( 129.83 to 133) price has moved about 320 pips
So one of my scenarios see price retracing about 160 pips to the 131.40 area, which is the low of the last momo on the 15 min chart. - will look to play this down and then up again
Will work on my other scenario when I get back from my run if price breaks the 133.25 level without a retrace
MightyOne wrote:prochargedmopar wrote:I'm at $800 now.
I have increased the position size daily as the account had grown.
I'm currently using 20micros as 1/2 position.
Till death do us Benjamen's part.
Ask you self what the largest advance was (that is relevant to you) that returned to the lows. If price advances larger than the largest advance that returned to the low then chances are price will not return to the low.
After making a larger correction price likes to test an area that falls around 50% of the correction distance above the prev. high.
When price connects to form a larger correction then price should hold above the prev. high and then hold at the first test area above the prev. high.
