Macd crossed below the o level line last night starting possibly a new beginning of the week a bearish short term trend for 50 to 100 pips. Enter on a 15m break-hook go short. Red line is support level I'm using as my TP
Kommentera
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Price on the 15 m chart is now between the 50 and 100 sma. I always let price action determine what I will do next by asking the question "If this happens,what then?" When price gets to the 100 sma two things can happen. 1 - Price bounces off the 100 sma and continues short to the bottom of the large range box. 2 - Price breaks above the 100 sma. If #1 happens (short) it could mean the bearish trend is continuing and it will break the bottom of the large range box. Or the market makers want a bullish move but they didn't have enough buyers to create momentum strength. They needed to lower the price to a discounted price to draw in and accumulate more buyers to take it long. If # 2 happens with a break above the 100 sma 15m I would either wait for a break-hook-go or I would look for a wick that tested above the 100 sma. The 100 sma is currently at 1.1755. There is a close previous swing high wick at 1.1764. I would place a buy stop above that level for my entry. My two TP would be TP1 @ 1.1795 and TP2 @ 1845.
100 MA is at 1.17573 on 15 min chart... would this be good as an entry?
Tradingstrategyguides
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@SuperMike7, If you plan to go long besides the break hook go I like price to make a wick above the last ma (100 sma). There was a recent seing high next to where price is currently at 1.7564. I would place a but stop just above that level with a stop loss either just below the 50 sma or if you are watching the chart I would close it out if price closes below the 100 sma. You are want ing price to break away with momentum. Right now we are in the dead zone so I would wait until the asian session and see where price is so you have some strength in the move. Other wise you will probably just be watching it move sideways right now.