Vakarox wrote: Fri Dec 13, 2024 12:53 am
Hello everyone, I hope you're doing well!
What do you think of this:
1 I see my square arrow, and I want to reach it. So, I’m looking for a sell setup.
2 Appearance of my downward arrow, I should start heading in the right direction.
3 Appearance of the large blue DOT.
4 Appearance of the large pink DOT.
5 I wait for the 4th mini DOT.
6 Entry.
Your 1st statement, "I see my square arrow, and I want to reach it. So, I’m looking for a sell setup", is the wrong mindset. You want to trade in the direction of the SquareArrow. If you are experienced and screentime limitations force you to look for pullback trades, that is OK. But it is more risky and experience will be your best friend.
My screen time can be quite limited at times. If I had gotten home from work and saw this chart shortly after the down arrow (#2 on your screen shot) I would look for the pullback trade only because it is an opportunity for me to make something in my limited time. I would enter after the MA cross, following the pink dot(#4). I suspect there may have been 2 more opportunities for me before your #3, based on the StepMA+HA indicator I use. With that being said, these pullbacks are of a scalp mindset and I would exit at a blue dot or blue arrow for each instance. If I had gotten home shortly after the blue arrow formed near the end of the chart, the sell scalps would probably be off the table and with the Daily Open Line above price, buys would probably be off the table as well. I would most likely move to another pair for an opportunity because this would be getting near the time of day where the market will start winding down due to NY close in sight.
You need to have an understanding of what you are trading as well. No one is expecting a big down move on Gold. If you have the time and can watch the market play out, the blue square, red arrow and blue arrow are your signals that a buy trade could be approaching. There is still work to be done though as price is still below the Daily Open Line.
This is BTC from this morning only to show the StepMA+HA indicator (small green and orange arrows, set at M5 TF) and the Hooligan H4 Open Line (black lines).
Thank You, Budhi
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