scheeco wrote:rushN4 wrote:rushN4 wrote:rushN4 wrote:here is my EJ trade today , hope it works out
ok SL hit -20....now short
and long on GU
OK GU hit my SL -28..... EJ hit my target +48
dragon would be great if you could tell me what i did wrong?
HI Rush, I am the last person to comment but I would have gone short where you went short if only my MBT metatrader did not lose connection.But I would not have gone long as you have done though!
My analysis was as follows:
H4 has no MOMO apart from previous LONG MOMO some H4 candles ago - and prcie seems to be ranging.
However we are in the H4 zone (probability check)
H1 has big LONG MOMO followed by BIG SHORT CANDLE that closes below the OPEN of previous H1 candle and thus FAILED to make new high and CLOSED LOWER THEN OPEN PRICE!.
This to me implies - WAIT and see what happens with next H1.
Next LONG H1 closes below the 50% level of the SHORT H1 CANDLE.
WAIT - here I am thinking that price wants to go SHORT.
Next H1 has no MOMO to go long.
NOW I am looking for other probability checks:
Sema confirmation ( this will indicate the upward movement of price has reached an extreme)
Close of first other colour M15 candle - the RAT entry
I am sure I may be off the analysis but this is how I was watching it untill I lost connection.
That's exactly the way how it works