If you missed the higher low at the extreme of range (see trade 1 on very 1st post) then following 4 hr close looking for buys on 15 min retraces. Again why this? Well you know there are 2 - 4 good 4hr moves a week. The 1st 4hr close is a solid engulfing close off a level that provided support the previous week. Trading retraces in trend is one of the simpler but solid strategies around. Here we are looking for entry of 15 min retraces.
The red line is where the 4hr chart closed. You have a good % chance that 4hr candle will follow through. We are working on the concept that the 2 most important rules of trading are trend and support/resistance (and prices reaction to SR).
OK so even if you had a down bias for the day you cannot ignore the support level and prices reaction to it - the 4hr engulfing close NB no upper wick.
Then look for 15 min retrace below the 8lwma (gold) ema and then close back above it.
The red line is where the 4hr chart closed. You have a good % chance that 4hr candle will follow through. We are working on the concept that the 2 most important rules of trading are trend and support/resistance (and prices reaction to SR).
OK so even if you had a down bias for the day you cannot ignore the support level and prices reaction to it - the 4hr engulfing close NB no upper wick.
Then look for 15 min retrace below the 8lwma (gold) ema and then close back above it.