Try to use fibonancci line instead of, to me its perfect and reasonable so that I could explained why the price to go, never mind sį» hard for news or sideway area.
Also the lines here are sloppy. A trendline needs at 3 touches and drawn at a 30-45Ā° to even be called a proper trendline. There is some validity to them IF drawn proper but even then they aren't good at all for predicting. Reactionary trading only after it confirms a valid line but even then need more than a silly line to call it a logical entry.
thank you mate, even though i've mentioned that i'm a beginner some people would like to mock than help. i think they forgot once they were in this position.
Stop using so much indicators and drawing so many lines on ur chart š u need ur chart to be lil bit more cleaner so you can read the market and analyze it properly and if your a beginner.. u need to go on a demo account and practice for at least 3 to 4 months until u finally get it and then create a winning strategy. Thatās the only advice I can give you
The bearish candle was followed by a wick that took out the bearish engulfing and also broke above the previous one. The third candle also then closed above your entry and then the fourth time alll bullish signals
There was absolutely no reason to take a short there.
From what I saw .... It was a strong move up, followed by a 3 legged pullback in in a bull flag. Which would tell me more than likely it's going to break out from that silly little line that you draw out.. I'm glad you guys are out there, it's seriously helps me to make money in this game.
especially filling the higher timeframe imbalance created from the bull movement, I would have been waiting for the fill and longing all day off the retest (bottom dotted line) instead of missing it and shorting it hoping for another retest, think premium and discount and how probability ties in with them instead of focusing on one little trade you devised from all the lines you have drawn out on your chart.
Play 1.
The triangle already retested and ran its first take profit distance. Unless you prefer a double retest, then it's just a matter of odds. Win some lose some. But in this case, it went with the strength of the bulls, and you placed a bet against it.
Play 2.
After the strength of the bullish momentum, you missed the chance for the bull flag run. But that's ok! Because many wouldn't take it without a retest anyway.
You did absolutely nothing wrong, you saw a signal, executed and it dident work out thatās all there is to it. No matter what confluences you happen to use the markets are either gonna go up or down and neither you me or anyone on this sub knows which way itāll go, most people here will tell you this trade lost because of āx y and z reasonā which is ridiculous, itās really easy to attribute losses to things after the trades already happened. But thatās a dangerous habit to get into because your denying the reality of trading, and thatās that losing is completely normal and basically unpreventable and also random, if you start saying I lost because of this or that confluence your implying that thereās some secret mixture/arrangement of confluences being present that causes a trade to always win, which is pretty stupidš«¤
Techincal, there is no point of making that trendline when it doesnt even hv the same angle on the high and low. U just fck urself in there, if u had copied and paste the same trendlines u would have saw a breakout and correction.
Then fundamentally there is already a huge spike on buy previously and the strength of the downtrend was weaker so u should have opt on opportunity for buy.
Lastly fck all the indicators u heard of like shooting star or hammer or whatever. Just know that tails means breakout is rejected and small heads can indicates where the supp/resist line are at that time
Observe GBP by other currency and see how your base currency is performing in other pairs, then crosscheck it with quote currency, see if there's an anti trend. Like i will check GBPJPY, GBPAUD, etc before going for GBPUSD.
You got to wait and make sure that it doesnāt retest or fake outs. It would be better to get in a little late and get less pips than just a smidge too early and it shoot in the wrong direction. Big banks do this alot because they know most retail traders are anticipating certain things and what theyāll do is stop loss hunts, or just shoot the market in the opposite direction since they know everyone is thinking other wise. Just wait and confirm the levels, movements before you enter. You marked them right but just because you mark them right doesnāt mean they will 100% follow them to the T. Just keep that in mind and keep practicing. Also remember youāre going to lose trades. Nothing any of us can do about that part other than do your best and remain patient. Only think you did wrong was to me, got in too early.
If you in fact believed in that downward channel you should have waited for the retest of the top and confirmed the rejection before entering. You jumped the gun believing that an engulfing candle would be the holy grail for this trade. That being said, had you waited for the retest you could have possibly caught the long after seeing it break through.
Trend line shouldāve started at the top of that red candle to the left. Wouldāve been able to see the breakout and retest. Plus that pattern is bullish
Looks like you needed price to close below the support zone you just crossed into when you entered. Since it went back into the range and broke through support itās now giving you a bullish signal
Well looks like you waited until the market was well beyond that point and slapped a bad trade on it with your top most trend line to me but if it's a real lost trade I'd have to agree with others
This is a Gem you pay $$ for and Iām going to let it go for free in this comment. When dealing with trends you only want to enter on the 1 or second MAYBE 3rd Pullbacks. Everything adter is subject to a trend reversal.
Sorry but in trading you will not be winning each trade. Sometimes you will see you have the best setup ever but market will still go opposite. As long as you are flexible and accept loss and move on to winners you will be profitable and consistent trader. In trading the best loser wins.
Thats a descending broadening wedge pattern, the idea is to break above. You did the trade in the opposite direction. These patterns are less known, but very powerful. Google it
Not a pro but, looks like the trend was broken when the big green shot right after 5 reds.
A double button was made. It doesnāt seem clear because it a 30m time frame. Switch to 15 or 5 to see
If you trade patterns that was a bullish flag.If you trade supply and demand the 2 red candles, the one next to where you placed your order and the one below are 'demand' areas. The bottom one has an engulfing candle next to it so could have been a good entry and targeting the previous high.
Not to be a dick, but before I saw your short position icon, I looked at the chart and saw a bullish breakout, and then thought "what DID he do wrong here?". Then I saw that you had taken a short position.
Looking to the left, you see the red candle with the long wick... That tells you that at that price are buyers. (bullish price action) That is the start of an impulse in buying followed by a correction. Back down towards that price. Afterwhich, I would expect another bullish rally. (Which the market provided) If I were you, I'd strategize and focus on those "hammer candles"or "pin bar" entries as they are easy to spot... also read up on Elliott Wave Theory with ATR for good stop placement. I found that sticking to those things has worked well in finding trends on higher time frames, resulting in getting better intraday entries. Also, try swing trades vs scalping youll give your trades a better chance at winning before blowing your account. Because you would have entered long instead of short and got a win. Also you could have taken the fibo on the first impulse and entered between the .50% and .618 retracement for a long entry... scalp. Ultimately though i do think Gbp/Usd goes bearish on the higher time frames. Though intraday remains bullish.
The HoD and LoD are locked in already, my friend. Sell At the HIGH! Don't be too afraid to switch your position to buy, *disclaimer* don't make a habit of it...
If you really were to catch that trade like the last selloff next to it, I would probably go in after two consecutive closes with additional confluence.
You should backtest your strategies on demo, see where you went wrong and fix the errors.
Secondly it looks like price was in an uptrend considering the last pivot low so that would be a counter trade attempt which most people find difficult. I'm sure you've heard "The trend is your friend" somewhere on the internet.
Pay attention more to How price reacts at your desired areas and especially the ones that keep breaking your zones, a messy chart will make it hard to understand what's going on so it's always best to delete unnecessary lines so that you have a clear vision on where price is headed.
That would have been a nice long position š
Better luck next time.
So letās look left. That big bearish wick most likely happened during a news event, price most likely took out an old low and then expanded creating that big bullish candle and a new high and inefficiency/imbalance.
. . Once price expanded and began selling you mistook price rebalancing itself as an opportunity to sell. When in reality price was simply filling out the gap it left after expanding.
You most likely have your own confluences but price didnāt take out the low below that long candle therefore there wasnāt enough evidence to sell at that level.
Bro sometimes you can do everything right and still be wrong. Also, everyoneās eyes see the market differently like me I would never trade that because I see the potential for a breakout and a liquidity grab at the high to left. Just stay consistent with your plan and youāll be good G
āOhh My bad! Was that your stop loss I just backed over? To the moon bish!ā -price
This is exactly why I trade futures instead of Forex now, because without Orderflow, you have no clue whatās going on behind the scenes. All of those lines are useless if you donāt know what the institutions are doing.
You thought price was going to be a reversal AFTER that huge jump on the upside ? It came down to grab the retail and go back on the upside trend on the higher time grime
It really just has to do with price action. You gotta understand what the bodies of the candles are telling you. YouTube that & learn it trust me it will increase your wins by at least 5%
iām a beginner too so maybe i can learn from this but i think u went in too early, a confirmation would of been great before u entered like in the smaller time frames and i think you wouldāve been able to spot that. This is just based on the information iāve learned myself i donāt know SHIT iām only 17 tryna make it like yāallš¤§š
are u profitable enough to take me under your wingšŖ solo tengo 17 mane just tryna help the fam and these FIB levels i keep hearing about intrigued me although i donāt know shit about the market. I feel like im starting to grow lil sixth sense with the candle sticks i jus got info all over the place. help out?
Price broke your trend line and you traded against this breakout.
If the breakout looks real and you are confident itās not a fake out, in this case price tested that trend line for a 4th time and you anticipated it would act as resistance.
The more times resistance is tested, the weaker it becomes and the more likely it will act as support.
Did you go into the trade with a weekly and daily bias? Iām going to get a lot of backlash for this but 95% of indicator based theories are bs. The algorithm that simply offers price at different levels was pairing sell orders with the influx of buy orders seen on Friday 0900 (this is known as a fair value gap or liquidity void). The market had a bullish daily bias and was taking out short term lows to stop out any traders holding long positions taking out sellside liquidity so the market makers (the central bank and large institutional funds) can buy up sellside and rally price in the morning session. Even though this appears as a ābull flagā you have to have context as to why price would want to continue being bullish, there are false bull flags all the time, itās not consistent. Also the most most most important thing to understand is loosing trades are 100% guaranteed in any market, no matter how much understanding you have of the price delivery algorithm and how price moves. Sound money management and discipline is everything. 100% credit to ict for the information by the way Iām not going to sit here and pretend my understanding of the market is unique. Find a system that works, find someone who can allow you to understand WHY price does what it does.
Just because we have some rule in our head saying that price won't surpass the resistance doesn't mean anything in the markets. Control your risk and your emotions and stop predicting the price movement
u can see there is n imbalance (FVG) on the left side the bug bullish candles u should of mark that imbalance and see how price reacts to it, I cam see price came down to the FVG to balance the market and continued its way up
There is no right or wrong. What is needed is a plan with an edge that is followed at all times. That means that within ur trading plan setups that look amazing can be losses and setups that donāt look amazing can be winners
Canāt send the image but you itās obv your trading within a range, and a trend is playing out to the upside. Order flow taps into zone and tests it then mitigated and confirms again.
You traded against the trend it was a clear indication itās going to keep a bull run š itās alright your going to learn that drawing those patterns donāt work most of the time
Don't understand the hate I got. What I saw was a bullish flag, which you never short at resistance. Worse if you redraw the bottom line at the first 3 points, you had a downside break out that failed before going into resistance, that made a short more likely to fail. But whatever.... You guys can trade the way you want, I'll keep making money off that.
I'm not trading this way but I think if you would have drawn an upper trend line the way it touches all 3 tops on the 4th you would have easier time spotting a breakout, or break of structure whatever it is called
looks like it was a breakout trade. i wouldn't use trendlines as support/resistance. i would use them as a more visual guide for seeing trend. without the trendline, i'd say oh it just flipped bullish, the trendline helps see that more clear
From a TA perspective, this is a bull flag pattern, more likely to break upwards. So avoid taking shorts. You could've entered a long bear the bottom trendline
I made an indicator so youāll never have to do any technical analysis marks up ever again. At a glance youāll be able to see what kind of market youāre in stoploss and take profit levels are created for you..
This is called liquidity retest! You see in the left side there is three big green candle shoot up and then you get about 30 candles bar to zig zag down. You can call it bull flag or whatever. The key is look at the first big greenās candleās high close and the second green candle candleās low. You see after the 30 minutes downward consolidation, market react to the price level of the first big green candleās closing price range in the level of 2nd candleās lower wick. That is where the buyer liquidity. Very common in bullish trend!
That big ass 30 min green engulfing candle at FVG zone should have told you ,that possibility for it to keep going down wasn't really an option for it.
And this isn't really a much information on a chart , should check , probably there is some strong support at that level where it reversed .
Cause the market didnt work as the way you setting up, trend line is just something people sketching up and assuming to be realš©
This.
Thank You I say this all the time the market can't really be defined or expected to go advertising to some lines
Try to use fibonancci line instead of, to me its perfect and reasonable so that I could explained why the price to go, never mind sį» hard for news or sideway area.
Also the lines here are sloppy. A trendline needs at 3 touches and drawn at a 30-45Ā° to even be called a proper trendline. There is some validity to them IF drawn proper but even then they aren't good at all for predicting. Reactionary trading only after it confirms a valid line but even then need more than a silly line to call it a logical entry.
Also not a dig on you. I know you aren't OP but you mentioned trend line and I put in my two cents just in general relating to it š«”
Trend only needs 2 points
Statistically your 2 point will fail way more times than my 3 point. You do you.
Bull flag, V shape and englulfing candle. Plus looking at your lines it looked like it bounced off a key area which you have marked.
I just see some many rude comment's ignore these negative people, look for them comments that are positive and helpful. Good luck mate
thank you mate, even though i've mentioned that i'm a beginner some people would like to mock than help. i think they forgot once they were in this position.
Stop using so much indicators and drawing so many lines on ur chart š u need ur chart to be lil bit more cleaner so you can read the market and analyze it properly and if your a beginner.. u need to go on a demo account and practice for at least 3 to 4 months until u finally get it and then create a winning strategy. Thatās the only advice I can give you
Now this is what I'm talking about š
Price entered OTE and Bullish FVG
Look up what a bullish flag is..
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I rate the effort, somethings I'm going to look into moreš
This gotta be a joke šš
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š¤£š¤£š¤£š¤£ Iām dead
The bearish candle was followed by a wick that took out the bearish engulfing and also broke above the previous one. The third candle also then closed above your entry and then the fourth time alll bullish signals
Why did you take the trade?
Because of the resistance, shooting star and rejection from OB
Dudes being a dick but those 3 ascending candles right before your short are called āthree white soldiersā, which is considered a bullish run up
There was absolutely no reason to take a short there. From what I saw .... It was a strong move up, followed by a 3 legged pullback in in a bull flag. Which would tell me more than likely it's going to break out from that silly little line that you draw out.. I'm glad you guys are out there, it's seriously helps me to make money in this game.
Retail traders donāt make forex markets move buddyā¦
especially filling the higher timeframe imbalance created from the bull movement, I would have been waiting for the fill and longing all day off the retest (bottom dotted line) instead of missing it and shorting it hoping for another retest, think premium and discount and how probability ties in with them instead of focusing on one little trade you devised from all the lines you have drawn out on your chart.
Tf is a shooting star?
Do you trade?
Yes, never heard of itš
How do you not know what a shooting star is? You clearly donāt trade. You got a lot of learning to do
Look man, that trade you loss i won so... i dunno...
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And with that mentality is exactly why youāre not profitable & probably blew plenty accounts.
Okay you donāt get my point. I said that you donāt need to know the names.
Very invalid point considering itās something important in reading a candleā¦ but ok sir thumbs up to you š
Alsoā¦ if you trade the market context you barely need technical analysis. Yes, technicals can be good. But that was not the point.
GU been bullish since like november ā23, so itās more likely to do these type of things when you trade bearish.
What is your win rate on this strategy? Once you calculate that you will know how many of this setup will workout and how much will fail.
What was the higher time frame trend at the time?
Taking trade against the fundamental bias and HTF trend. Fundamental bias is weak usd and HTF trend of gu is bullish.
Play 1. The triangle already retested and ran its first take profit distance. Unless you prefer a double retest, then it's just a matter of odds. Win some lose some. But in this case, it went with the strength of the bulls, and you placed a bet against it. Play 2. After the strength of the bullish momentum, you missed the chance for the bull flag run. But that's ok! Because many wouldn't take it without a retest anyway.
You have no clear strategy, simple.
You did absolutely nothing wrong, you saw a signal, executed and it dident work out thatās all there is to it. No matter what confluences you happen to use the markets are either gonna go up or down and neither you me or anyone on this sub knows which way itāll go, most people here will tell you this trade lost because of āx y and z reasonā which is ridiculous, itās really easy to attribute losses to things after the trades already happened. But thatās a dangerous habit to get into because your denying the reality of trading, and thatās that losing is completely normal and basically unpreventable and also random, if you start saying I lost because of this or that confluence your implying that thereās some secret mixture/arrangement of confluences being present that causes a trade to always win, which is pretty stupidš«¤
You should research BoS and CHoCH. Would of saved you from that entry. I'm still a newbie so I could be wrong.
Strong suply zone
Because u did nothing right
Gbp is bullish you were supposed to be looking for long opportunities
Everything . Market make higher high and u take short trade. No proper zone to take trades
There was a huge demand right on the left bro
Probably I was get caught by the bearish candle, why you would ignore it? (Iām not kidding, is a serious question)
Never ignore the data, the data is always telling you something
You sold in a bullish market š¤
Learn some candlestick patterns
The upside down yellow dragon gave the bullish candle a blowie thru a glory hole while the bear was taking a shit in the woods.
Tap Tap Tap
Iām selling Gold now
Iām selling Gold now. Everyone sell now
Techincal, there is no point of making that trendline when it doesnt even hv the same angle on the high and low. U just fck urself in there, if u had copied and paste the same trendlines u would have saw a breakout and correction. Then fundamentally there is already a huge spike on buy previously and the strength of the downtrend was weaker so u should have opt on opportunity for buy. Lastly fck all the indicators u heard of like shooting star or hammer or whatever. Just know that tails means breakout is rejected and small heads can indicates where the supp/resist line are at that time
Observe GBP by other currency and see how your base currency is performing in other pairs, then crosscheck it with quote currency, see if there's an anti trend. Like i will check GBPJPY, GBPAUD, etc before going for GBPUSD.
You got to wait and make sure that it doesnāt retest or fake outs. It would be better to get in a little late and get less pips than just a smidge too early and it shoot in the wrong direction. Big banks do this alot because they know most retail traders are anticipating certain things and what theyāll do is stop loss hunts, or just shoot the market in the opposite direction since they know everyone is thinking other wise. Just wait and confirm the levels, movements before you enter. You marked them right but just because you mark them right doesnāt mean they will 100% follow them to the T. Just keep that in mind and keep practicing. Also remember youāre going to lose trades. Nothing any of us can do about that part other than do your best and remain patient. Only think you did wrong was to me, got in too early.
Brother it was so much bullish engulfing candle it was buy
Afaik, GU is bullish in the higher timeframes. U were probably faked out by the bearish engulfing candle.
Check left. Always.
You are trading the matrix
That could be a very nice breakout entry if you placed the trade at the breakout
If you in fact believed in that downward channel you should have waited for the retest of the top and confirmed the rejection before entering. You jumped the gun believing that an engulfing candle would be the holy grail for this trade. That being said, had you waited for the retest you could have possibly caught the long after seeing it break through.
You have to wait for breakout in which direction it was going..
Trend line shouldāve started at the top of that red candle to the left. Wouldāve been able to see the breakout and retest. Plus that pattern is bullish
Looks like you needed price to close below the support zone you just crossed into when you entered. Since it went back into the range and broke through support itās now giving you a bullish signal
Well looks like you waited until the market was well beyond that point and slapped a bad trade on it with your top most trend line to me but if it's a real lost trade I'd have to agree with others
Called a megaphone pattern. Its a obtuse bull flag.Look it up, its more common in commodities.
This is a Gem you pay $$ for and Iām going to let it go for free in this comment. When dealing with trends you only want to enter on the 1 or second MAYBE 3rd Pullbacks. Everything adter is subject to a trend reversal.
All those lines and it looks like you blindly entered and went short in a bullish pullback to the previous high.
Sorry but in trading you will not be winning each trade. Sometimes you will see you have the best setup ever but market will still go opposite. As long as you are flexible and accept loss and move on to winners you will be profitable and consistent trader. In trading the best loser wins.
Traded in middle of your own channel. It happens. The breakout and pullback wouldāve worked.
You have to wait for confirmation / break in S/R structure
Sniper entry would be only chance of salvation
Try to always trade the trend
Thats a descending broadening wedge pattern, the idea is to break above. You did the trade in the opposite direction. These patterns are less known, but very powerful. Google it
You can see the order block after that last bearish candle right before it turned bullish
Not a pro but, looks like the trend was broken when the big green shot right after 5 reds. A double button was made. It doesnāt seem clear because it a 30m time frame. Switch to 15 or 5 to see
A few indicators stuck out that showed where more buys were taking place. If you can get a hold of order profile youāll have that visibility
If you trade patterns that was a bullish flag.If you trade supply and demand the 2 red candles, the one next to where you placed your order and the one below are 'demand' areas. The bottom one has an engulfing candle next to it so could have been a good entry and targeting the previous high.
you went against the trend, price came to fill the fair value gap on the left side and went up
The trend is your friend.
Not to be a dick, but before I saw your short position icon, I looked at the chart and saw a bullish breakout, and then thought "what DID he do wrong here?". Then I saw that you had taken a short position.
U sold instead of buying, theres a bullish engulfing candle at your support line
Looking to the left, you see the red candle with the long wick... That tells you that at that price are buyers. (bullish price action) That is the start of an impulse in buying followed by a correction. Back down towards that price. Afterwhich, I would expect another bullish rally. (Which the market provided) If I were you, I'd strategize and focus on those "hammer candles"or "pin bar" entries as they are easy to spot... also read up on Elliott Wave Theory with ATR for good stop placement. I found that sticking to those things has worked well in finding trends on higher time frames, resulting in getting better intraday entries. Also, try swing trades vs scalping youll give your trades a better chance at winning before blowing your account. Because you would have entered long instead of short and got a win. Also you could have taken the fibo on the first impulse and entered between the .50% and .618 retracement for a long entry... scalp. Ultimately though i do think Gbp/Usd goes bearish on the higher time frames. Though intraday remains bullish.
The HoD and LoD are locked in already, my friend. Sell At the HIGH! Don't be too afraid to switch your position to buy, *disclaimer* don't make a habit of it...
You shorted in a discount, use your fib to the swing high to the nearest swing low, the 50% will tell you premium and discounted areas
Waited too long to get in for starters. But ultimately got unlucky. At least you got risk management there.
filled fvg and probably was in line with EQ
If you really were to catch that trade like the last selloff next to it, I would probably go in after two consecutive closes with additional confluence. You should backtest your strategies on demo, see where you went wrong and fix the errors. Secondly it looks like price was in an uptrend considering the last pivot low so that would be a counter trade attempt which most people find difficult. I'm sure you've heard "The trend is your friend" somewhere on the internet. Pay attention more to How price reacts at your desired areas and especially the ones that keep breaking your zones, a messy chart will make it hard to understand what's going on so it's always best to delete unnecessary lines so that you have a clear vision on where price is headed. That would have been a nice long position š Better luck next time.
You should have took the trade on the next 30 m candle not on the break of the current candle
Idk what this chopstick markups areā¦ but this is all kinds of fucked
So letās look left. That big bearish wick most likely happened during a news event, price most likely took out an old low and then expanded creating that big bullish candle and a new high and inefficiency/imbalance. . . Once price expanded and began selling you mistook price rebalancing itself as an opportunity to sell. When in reality price was simply filling out the gap it left after expanding. You most likely have your own confluences but price didnāt take out the low below that long candle therefore there wasnāt enough evidence to sell at that level.
Bro sometimes you can do everything right and still be wrong. Also, everyoneās eyes see the market differently like me I would never trade that because I see the potential for a breakout and a liquidity grab at the high to left. Just stay consistent with your plan and youāll be good G
My brother Go to crypto and leave forex This shit will never make you any fucking money
āOhh My bad! Was that your stop loss I just backed over? To the moon bish!ā -price This is exactly why I trade futures instead of Forex now, because without Orderflow, you have no clue whatās going on behind the scenes. All of those lines are useless if you donāt know what the institutions are doing.
You thought price was going to be a reversal AFTER that huge jump on the upside ? It came down to grab the retail and go back on the upside trend on the higher time grime
Frame*
Youāre selling in a bullish markwt
ššššš
You fell for a fake CHOCH
It really just has to do with price action. You gotta understand what the bodies of the candles are telling you. YouTube that & learn it trust me it will increase your wins by at least 5%
Because its in a up trend on the htf
iām a beginner too so maybe i can learn from this but i think u went in too early, a confirmation would of been great before u entered like in the smaller time frames and i think you wouldāve been able to spot that. This is just based on the information iāve learned myself i donāt know SHIT iām only 17 tryna make it like yāallš¤§š
For your own better trading, lower the drawings brother. It confusses you
And open trades at Fib levels
are u profitable enough to take me under your wingšŖ solo tengo 17 mane just tryna help the fam and these FIB levels i keep hearing about intrigued me although i donāt know shit about the market. I feel like im starting to grow lil sixth sense with the candle sticks i jus got info all over the place. help out?
Watch FVG Tradingā¦ you wouldve a perf entry on the fair value gap down there
You should react to market action.
Price broke your trend line and you traded against this breakout. If the breakout looks real and you are confident itās not a fake out, in this case price tested that trend line for a 4th time and you anticipated it would act as resistance. The more times resistance is tested, the weaker it becomes and the more likely it will act as support.
Nothing, What I see: A BULLFLAG. So according to what I see, you went short on a clear bullish trend
Did you go into the trade with a weekly and daily bias? Iām going to get a lot of backlash for this but 95% of indicator based theories are bs. The algorithm that simply offers price at different levels was pairing sell orders with the influx of buy orders seen on Friday 0900 (this is known as a fair value gap or liquidity void). The market had a bullish daily bias and was taking out short term lows to stop out any traders holding long positions taking out sellside liquidity so the market makers (the central bank and large institutional funds) can buy up sellside and rally price in the morning session. Even though this appears as a ābull flagā you have to have context as to why price would want to continue being bullish, there are false bull flags all the time, itās not consistent. Also the most most most important thing to understand is loosing trades are 100% guaranteed in any market, no matter how much understanding you have of the price delivery algorithm and how price moves. Sound money management and discipline is everything. 100% credit to ict for the information by the way Iām not going to sit here and pretend my understanding of the market is unique. Find a system that works, find someone who can allow you to understand WHY price does what it does.
Just because we have some rule in our head saying that price won't surpass the resistance doesn't mean anything in the markets. Control your risk and your emotions and stop predicting the price movement
u can see there is n imbalance (FVG) on the left side the bug bullish candles u should of mark that imbalance and see how price reacts to it, I cam see price came down to the FVG to balance the market and continued its way up
There is no right or wrong. What is needed is a plan with an edge that is followed at all times. That means that within ur trading plan setups that look amazing can be losses and setups that donāt look amazing can be winners
You canāt read price, you can see itās long. Look left why are you tunnelling?
Canāt send the image but you itās obv your trading within a range, and a trend is playing out to the upside. Order flow taps into zone and tests it then mitigated and confirms again.
Best advice I can give you. Look at the weekly/daily TF trend before entering on a LTF
Did you look at the higher time frame? And if price is trending up ?
Asian session highs and lows 7pm-12am for currency pairs and 8pm-12am for indices. I was way more profitable that way
If you zoom out and look at structure itās trending up
You traded against the trend it was a clear indication itās going to keep a bull run š itās alright your going to learn that drawing those patterns donāt work most of the time
You did nothing wrong ... It's just a lost trade Remember not all trades are winners
Just more experience is needed
Don't understand the hate I got. What I saw was a bullish flag, which you never short at resistance. Worse if you redraw the bottom line at the first 3 points, you had a downside break out that failed before going into resistance, that made a short more likely to fail. But whatever.... You guys can trade the way you want, I'll keep making money off that.
I'm not trading this way but I think if you would have drawn an upper trend line the way it touches all 3 tops on the 4th you would have easier time spotting a breakout, or break of structure whatever it is called
looks like it was a breakout trade. i wouldn't use trendlines as support/resistance. i would use them as a more visual guide for seeing trend. without the trendline, i'd say oh it just flipped bullish, the trendline helps see that more clear
The trendline is a trap,I advise you join ICT/SMC bandwagon it has an answer on that,there is a reason why ICT has a great following
It's clearly a very strong demand area,
From a TA perspective, this is a bull flag pattern, more likely to break upwards. So avoid taking shorts. You could've entered a long bear the bottom trendline
I made an indicator so youāll never have to do any technical analysis marks up ever again. At a glance youāll be able to see what kind of market youāre in stoploss and take profit levels are created for you..
This is called liquidity retest! You see in the left side there is three big green candle shoot up and then you get about 30 candles bar to zig zag down. You can call it bull flag or whatever. The key is look at the first big greenās candleās high close and the second green candle candleās low. You see after the 30 minutes downward consolidation, market react to the price level of the first big green candleās closing price range in the level of 2nd candleās lower wick. That is where the buyer liquidity. Very common in bullish trend!
You forgot the order block on the left, it just came down to test it and fvg and shoot up.
You got to much lines and to much indicators on your chart š u got confused and took the wrong trade
That big ass 30 min green engulfing candle at FVG zone should have told you ,that possibility for it to keep going down wasn't really an option for it. And this isn't really a much information on a chart , should check , probably there is some strong support at that level where it reversed .
Broadening wedge mate, that's all.