This is my favourite Set up to trade. Why you might ask? Along with the HTF analysis, there are several other rules I like to see.
1) I like to see a break of structure, which is what we have here looking left.
2) A deep pull back to the supply level where the original move was made from
3) .786 or .618 fibonacci confluence
4) POC (point of control) line up with price action at this level
5) I then like to see either tweezer tops on the 60 or 2 direction candles in a row (2 x bearish candles)
6) I would then enter and stop loss be placed above structure
I think an important part of becoming consistently profitable is finding your style of trading, what do you like to see in the markets?
As well as having a back tested strategy, good risk management and a good psychological understanding of trading.
1) I like to see a break of structure, which is what we have here looking left.
2) A deep pull back to the supply level where the original move was made from
3) .786 or .618 fibonacci confluence
4) POC (point of control) line up with price action at this level
5) I then like to see either tweezer tops on the 60 or 2 direction candles in a row (2 x bearish candles)
6) I would then enter and stop loss be placed above structure
I think an important part of becoming consistently profitable is finding your style of trading, what do you like to see in the markets?
As well as having a back tested strategy, good risk management and a good psychological understanding of trading.