Today, I am going to share my recent entry point.
Good day traders. This is Hiro from Wandering Traders LAB.
In this post, There are some beneficial trading tips which you can use in your trade as well.
So, I hope you watch this till the end!
First, Look at this Picture.
I entered at Red Circle and took profits at Green Circle.
What you have to focus on here is this TWO.
1, The upper wicks in the blue box
2, *The strong price which produced a big bullish candle
※In my trade, I sometimes use a word called “Strong Price” to explain my entry.
This is my original trading wold. So please remember the definition below.
Strong Price = the starting point which made a large price momentum like a big candle or the wave which surpassed a previous high price.
Generally, when the price comes back to this strong price again, the price will be easy to be bounced back.
Anyway, I will explain Strong Price more detailed like how you can use this for your trade on another post someday.
My way of thinking about this trade was like this
① Strong Price has made a super big bullish candle (100pips).
→Predicted that next price action will be a sell-off with high probability because there are almost no support levels as you can see the picture.
So, prepare to shoot a short position, just wait for the signal to go in.
② in my expectation, I was predicting that price will fall down after making a double top at a high price zone.
And the price actually tried to move like that, but it failed with some upper wicks.
So that was a good signal which implies that there are a few buy powers, and the price falls down.
③ So after I confirmed that a big bearish candle appeared, I entered with a short position at a red circle. (below picture)
And TP is gonna be the previous strong price. As I talked earlier, Strong Price generally has the power to bounce when the price comes back again.
(Actually, it is much better to decide where to take profit by watching real-time price momentum.
but at this trade, I placed an order to take profit because I was too busy with other stuff haha.)
This trade was kind of piece of cake, actually.
So I recommend you to keep in mind what I have written above so that you can make use of this in next your trade.
Especially, this waveform is really good to trade. If there are no resistance or support levels, the price has got no other choices to move in that direction.
And also you need to have the ability which identifies the right entry signal to shoot your trade.
At this trade, I use upper wicks as an entry signal. but actually, there are more good signals which imply you the right timing to enter your trade.
Let me talk about this at another post!
Thank you for reading today!
I will reach you soon in another post. bye!
☆Another entry post is here! plz check this out too ↓