Counter trend entry on a trend continuation setup (PART 2)

9 ago 2016

We are on a bearish trend on the higher time frame, and we have not tested the support level that is "expected" to test. We look left and seek for the previous outside return for an opportunity to go short. The market went over bought, and I am now waiting for a double top to enter. One could certainly look to trail second targets for a retest of the lows. However, we have two structure levels that may act as support if we go lower, of course. I require a 1:1 and we easily get a 1:1.4 to target 1 and a 1:2.4 to targets 2, so that is enough for me.

Share your opinions! We can learn from each other!

9 ago 2016

Ordine annullato

We did not get the double top. This happens when one trades conservatively, and we have to be willing to miss a lot of trades