So after i've finished going trough the book, decide to do an experiment with reds stuff(0.05% risk) Tough i will probably screw something since only scrolled trough it once.I've closed all my other charts on this pair so i can play around with this concept alone unbiased(to test the "technical vomit" :durr: ) I'll manage without 4th of my regular trading activity.
Since we're sitting on a liquidity pool, if the triangle with bull div (by his definition) breaks upwards,price should pop up at least till next pocket,bottom of the triangle is buyable with his definition.stop will be below the bottom pool by 2 pips(7 pips total) . Couldn't Restrain myself and left the SSTO on (tough will not use it for setup determination) . Market seems a bit oversold tough. :-[
But the current supply been stabbed nicely,while the price couldn't even returned to previous demand.
Let's see what's going to happen. ???
Charts and edit notes are posted for each out-fold.
Edit: just noticed, this is a bear pennant by standard technical analysis definition. ;D ;D that's should go down.(yea right 8))
Edit 2: my mistake, marked the 1st chart by accident as bear div,instead of hidden bull div
on the 2nd pic the bottom triangle is higher,so it seems we're on the right track supply been stabbed even higher.
Edit3 : Now the top supply been absorbed. so when it'll retrace by my regular instinct should load it up(if no exit signal),but since red advises scale out,3rd of the position been scaled out at the upper supply for 14 pips, s/l adjusted to 5 pip, no risk to the pozish,even it'll turn we're at a small gain.
Edit4 : asias top supply been touched,scaling out another 3rd, for 20 pips (of the left eg:44% of original still on) so its an average of 17 pips for the original trade's 50% .original 7 pip risk was assumed, so 1:1 R:R achieved no matter what will happen.(unless huge no limit move down.)
Though (tnx gg) it would be nice to reach the target.
Edit5: seems like price found a new supply base as a nice wolffe wave. Dang, why he's so much into not loading up a position?!
will continue in post after since no more pics allowed