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Alias Born 12/21/2014

Re: None

Friday, 05/19/2023 2:25:08 PM

Friday, May 19, 2023 2:25:08 PM

Post# of 1953
When to take a trade when price is falling. The best thing to do is wait for a bounce and then wait again for price to come back into the lows of the previous bounce area and hold as support.



First buy stop limit 2 ticks above the break out candle above the black line didn't get filled and price went lower. Then we had a tweezer bottom pattern that gave a buy signal, and the buy got triggered at 2 ticks above the green candle.


In this case I would buy 3 contracts because there are potential targets higher if price breaks above target 1.
The next targets would be the channel from the overnight session and then the area where the sellers were at from earlier this morning.


EDIT
I should have added my disclaimer....
I always take a minimum of a 2 point profit and then adjust my stop loss up to break even on the remaining runners.
So in this case I actually took a $100 profit and then the remaining runners got stopped out at break even.
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