scheeco wrote:adaseb wrote:scheeco wrote:ok..so far so good as this will be the second day in row I seem to have the correct strategy and entry et al.
My process below:
2 sema formed in the 0-50% area of the H4 MOMO candle
This indicated that a reversal MAY be in the pipeline.
During this trade, right after the entry, price turned on me like and it nearly stopped me out, and it felt like I was slowly sinking through my arse but fortunately I was not stopped out!
Waited for my target!
I think I got this one - the logic and strategy correct this time.
Not so concerned with making the target (it does feel good though) but the real joy is in seemingly having read the chart correctly.
Comments and help appreciated!
Dragon, dank u,jou hulp is waardeer!
This is how I would have traded this setup.
I wouldn't short there because too much bullish H1 momo.
It makes more sense to go long here because there is a good chance it might reach the top bearish H4 MZ.
I would short there down only if there was bearish momo on H1
I was actually looking at that long this morning but was to late to enter it.. but I had my eye on it.However when I got to my pc two green candles had already formed after the 2nd red candle (red candle after the 3 sema red candle ) so I thought it would be to late to enter that one.
Ok clearly I am still not understaning something as I thought I was following Dragons method to the letter with this trade.
I saw the huge H1 MOMO/BO candle you mention but then I thought since the 3 sema formed in the H4 zone on M15, and another colour candle formed after the confirmation candle as per Dragon's method - I was entering quite safely.(Red candle after 3 sema green candle.)
I also thought that since the red candle , after the 3 sema green candle on the M15 chart, closed lower then the 50% mark of the green candle, it would be fairly safe to enter.
I need to brush up on my analysis even more then!
Thank you for the insightful comments!Much appreciated!
Maybe it was a valid short then, i dont know.
I dont know exactly how dragon33 trades.
Maybe he can comment.