So we've had a good run so far and closed all trades in profit, let's make this another one.
I've marked out an order block, a liquidity grab and a reversal point. Just to explain the logic behind what's happening here.
Price is in a downtrend on the higher timeframes and the market movers/makers brought price back to take the liquidity off the top of the equal highs. This signals that price will fall.
Market movers/makers need to buy to sell in other words push price up to take the liquidity and then sell. They also need to bring price back up to close the buy position with very small loss or break even and then the downward move should continue for some distance.
We are at that point now where the original downward move should come into effect with no further manipulation. I've entered right on that level with my SL just above the highs of the liquidity grab and my TP at the lowest recent Low on the daily time frame. It might not get that far but it's a good target.
Let's see how this plays out.
Good luck everyone.
Trade stängt manuellt
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I've personally closed this trade manually because I'm satisfied with the profit and I could do with freeing up some margin because I went big on this trade.
interesting explanation but isn't it easier just to focus on price action and whatever wherever price takes you?
HadoukenSonicboom
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@Dips007, chasing price is like trying to catch smoke with your hands, answer me this honestly, more often than not do you find yourself taking a trade that looks good then price stops you out and later on goes and does what you predicted after you was thrown out the trade?
Dips007Trading
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@JamesJimDevall, this is exactly what the market deliberately does this why I never show my hand (SL like poka) and just have to build confidence in your trade entry rules and overall market direction depending on what type of trader you are- hope this helps
HadoukenSonicboom
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As always please show me some love, give me a like and a follow.
Comment any questions and I will be more than happy to try and help you.