This week there is a set up for Rock Trade Before it breaks out to the upside for the rock trade there are 2 strong sky’s and earths identified that can be respected strongly. This opens a position for a potential sell/ buy set up. We must wait for a break and retest ant the sky or the earth and Trade ZONE to ZONE.
THE 1HR IS THE LOOKOUT AND THE 4 HR IS THE confirmation. If you enter at the 1 hr the market can hit your SL. Instead wait for the 4hr, wait for a close and retest and make your TP the next zone. Trade zone to zone at these 2 important zones which are the floors.
- Rock trade (Buy) Trade setup: Place a red trendline to identify a downtrend. The green candle broke out and closed above. Once that happens grab a green ray and place it where the candle broke out of the trend line. Now this becomes a NEW earth. 1 Execute: The Market candle closed above the trend line on the for 4hr. Place a buy on the next new candlestick open. 2 Execute: The Market broke out and came back and retested the NEW earth for a BUY position
Standard Rules: *Position Type: Limit orders and Market Execution orders ONLY
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.