Normally, I will sell or buy directly when price complete an ABC move to the support or resistance level with 2 ATR stop loss. But when I opened the chart, price already move down, so here is my thought and plan:
- Clearly down trend
- Price move sharply to the down side after completed an ABC move to resistance level
- Play for the retest of most recent swing low
- Put a sell limit order at 50% of the down move from C
- If the trade is on, I don't want to see price come back to C
- Entry price, stop level and target level are showed in the chart
If price does not come to my entry level, it's ok. I will pass the trade and move on to the next opportunity
- Clearly down trend
- Price move sharply to the down side after completed an ABC move to resistance level
- Play for the retest of most recent swing low
- Put a sell limit order at 50% of the down move from C
- If the trade is on, I don't want to see price come back to C
- Entry price, stop level and target level are showed in the chart
If price does not come to my entry level, it's ok. I will pass the trade and move on to the next opportunity
Trade active
The trade is on now
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.