Hello guys yeah...I had my eye on GU from Wednesday and after long day of waiting I got my confirmation for a buy trade and still hasn't hit my TP which is a previous HH of course I'm looking for price to hit my -27extension level but at first the
1. Had a retracement on the Daily time frame
2. Had my fib retracement and when hit 50 was watching price reaction.
3. Four hour gave me a big doji candle
4. scaled down to 1 hour and waited for break of structure price broke LH and created a HH
Confluences=
5. Marked that HH which was my entry if broken
6. Price has broken out of consolidation waiting for retest and then entry
7.Price had broke a counter trend Main trend was uptrend
8.MA crossover for more confluence
-Took the trade STOP LOSS previous market structure (HL formed when price broke through consolidation formed a high point and retested the consolidation)
-TP I took it for a nice 1:4 RRR of course -27 extension is another TP but for this trade had it at point A of the counter trend.
1. Had a retracement on the Daily time frame
2. Had my fib retracement and when hit 50 was watching price reaction.
3. Four hour gave me a big doji candle
4. scaled down to 1 hour and waited for break of structure price broke LH and created a HH
Confluences=
5. Marked that HH which was my entry if broken
6. Price has broken out of consolidation waiting for retest and then entry
7.Price had broke a counter trend Main trend was uptrend
8.MA crossover for more confluence
-Took the trade STOP LOSS previous market structure (HL formed when price broke through consolidation formed a high point and retested the consolidation)
-TP I took it for a nice 1:4 RRR of course -27 extension is another TP but for this trade had it at point A of the counter trend.
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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.