HEPAAnother candidate for shorts today.
On March 10, a long-time retest of a strong historical level 2.0. It was formed on 15.08.2019.
From 10.2019 till 27.11.2019 a large long player was gaining a position, which he realized with a gap that day.
The day before yesterday we tested the level, but failed to break it. For the last three days we have been forming a pressure and a set of positions by a short player who needs a big volume to break through the level.
Judging by the price's squeezing to the level, there could be a breakout today.
My entry point is a break-down pattern: 1.98.
Risk Size: 0.07
SL-order I hide up the level after the breakdown.
I exit at a calculated profit of 0.22
My mathematical TP\R ratio is 3.1\1
Important! if you are trading a "rebound-level model" after the breakdown, you should wait for the price to fix under the level. This is a completely different trading model and different logic. Be attentive to what you see on the chart, how the price behaves, and what is written in your trading system. As you understand, 3 different traders can trade 3 different strategies here: a breakout short like me: when I wait for strong small movement enough to get 3.1\1 ratio, a false breakout and long and a "rebound-level model" after the breakdown the level. And all 3 traders will be right.
Trade closed: target reached
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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.