Stop order at 6790 for the First possible Tigger of the week.
Not the most substantial level, but the upside profit could be good if it drops nicely and breaks the first hurdle around 6580.
I got triggered short about a couple of hours ago in some profit but if I were awake the confirmation candle would have been a bit higher. In the current area, levels are jammed up let's see what the NY Open does. Hopefully, it will continue bearish and break free.
There is a little pin bar shaped on the previous candle right at the level but to validate that I need to see what the current H1 Candle does to ditch the short and then-to go long.... It remains to be seen.
Now, I know you might say this is a sideway market and why trade it there is not much profit to be made or even loss. It's accurate in some sense, but I take a crack at it on the tops and bottoms of the bracket. The price is inside a 50-ish pips box for the last five days. It may continue to be or break free. We/I don't know that, but regardless, I trade it for two reasons.
1) I can still make money even if the whole week stays that way. A few trades for 20-30 pips get me to my 100 pips goal.
2) I give myself the chance for the breakout, which means massive profit; I can't afford to miss that.
Long at 6565... closed the short after the last candle confirmation of the rejection of the level and got into the long.
It could be a fake-out, could be a struggle, to say the least, well maybe who knows. The fact is it doesn't matter. What matters and it is visible is the rejection of the Level. Price is not about to break free from this box yet.
This is what I mean by taking things at face value.
The long trade is doing well; it has reached the upper level at 701, and we will see how it reacts to it now. Whether to hold or bank profit remains to be seen if there is a rejection on the level at hand. I will move the stop to entry level shortly.
The 701 level is not necessarily the strongest of levels. The better one is a little higher at 720. It will reach there for a nice little run to bank decent profit and reverse. Or possible breakout, but gotta be in it to win it, lol.
The long trade is doing well; it has reached the upper level at 701, and we will see how it reacts to it now. Whether to hold or bank profit remains to be seen if there is a rejection on the level at hand. I will move the stop to entry level shortly. The 701 level is not necessarily the strongest of levels. The better one is a little higher at 720. It will reach there for a nice little run to bank decent profit and reverse. Or possible breakout, but gotta be in it to win it, lol. {image}
