Please don’t ask which chart it is…
Please don’t ask more , more & more information required …
Please don’t put fundamental view…
from pure technical price action point of view …
Daily Chat
does the candle in the marked area showing any danger to the long position ?
There is no right or wrong answer…would like to listen your comments
Before answering your question, I’d ask (Assuming you went long @ the green arrow)- Before you were ever filled, how did you plan to manage this trade?
Think about it this way- you’ll never be as calm and rational when analyzing a market, as you are when you have no money on the line. Before you were filled, you should have had 1-3 plans on how to manage this trade using “if, then” analysis.
Now that the trade is on, you should simply be falling back to that initial analysis, where emotion was not involved.
Personally, I would be moving my stop and taking profits off the table as the instrument got bid up. If you are long around 142, you should 100% not lose a single dime on this trade.
long was at 145.90
Here is the plan before taking the trade
Daily
same chart but in weekly timeframe below
Thanks for your post & time.
That’s the plan visually, what is the underlying non-visual plan (i.e. If the market got here, then I would do this- if the market did this, then I would do that, etc etc).
Do you have a time-based stop on this, or, purely based on candlesticks?
Never thought about that…not aware of this. Could you please elaborate little more here what options,choices one might think at this place ?
Do you have a time-based stop on this, or, purely based on candlesticks?
purely based on candlesticks …weekly chart also posted above.
[QUOTE=“godzilla;733662”] Never thought about that…not aware of this. Could you please elaborate little more here what options,choices one might think at this place ? purely based on candlesticks …weekly chart also posted above.[/QUOTE]
First of all you’re WAY to far away to make any analysis. If you plan on using a daily or weekly chart you need to address flow,stop,frame.
What was your target? Long is not the answer, nor is making money. What is your objective? Make money, make pips?
Like the other poster mentioned you can work out much prior to the trade. And it’s still hard!!!
In looking at your chart, the stop loss is in a good place and your entry seems very reasonable. At this point, it looks like the highlighted candle is reacting off an S/R line at the last dip which was at 150.
So (I see that this post is on the 17th and you might already know where the market has gone), I personally would move my stop to B/E at around 142 (as there is a decent support line), scale out and if this is just a small blip, let it run to your T/P or scale out again at the next S/R.
Also, RSI and Stochastics are below lines of average and now moving up, probability is decent that this would keep going.
My two cents.
Cheers.
