I agree with you completely but the only thing that rules out a bullish position for me at your MLH is the unavailability of structure to hide my stops .
Tr8dingN3rd
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@mberoakoko,
It depends how you define structure. Let me show you how I see structure here:
Now, of course this would be a huge stop and probably way too big for most of retail traders.
For a great Risk/Reward you need a smaller stop, right?
So why not analyse the "Flow" instead of the whole trend. If you get the Flow right, then you can lean on this structure too:
So here you have the TREND, which is stair stepping to the downside.
But the FLOW is currently up. And within the flow you also have structure. So you could put your stop behind this cheaper Pivot Low.
If this is still too much, then you probably should not trade this underlying because of too much risk. Or switch to the ETF (WEAT) where you could manage the size properly.
Hope this helps :)
P!
mberoakoko
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mberoakoko
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I wouldn't express my ideas on price when it comes to pressure , instead this is where I'd wait for price to show me the way.
Yes, 100% with you.
What I have posted in the first chart is an "Idea" how the market could act. NOT how it WILL act.
This is where most of the retail traders fail.
a) taking information for granted which they have not studied or read thoroughly and
b) not thinking in advance in terms of possibilities
As an MG student I'm sure you know what I'm talking about ;-)
Have a sunny day mberoakoko
P!
AndyA
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@Forker, Stumbled in here tonight and delighted by your presentation. Got to love where wheat stands right here, so poetic for the solstice and all. Thanks for the beautiful view! Best!