Nifty and Bank nifty view for coming weeks. Dollar Index, Gold, US market and 10 year US Gsec Disclaimer - The information provided herein is for educational purposes only. It does not constitute financial, investment, or trading advice and should not be construed as such. Consult a qualified financial advisor before making any financial decisions. We are not liable for any monetary loss, that may arise directly or indirectly from the use of or reliance on the information provided.
Counter trend trade-Lows swept, lets see how far this goes
So the last chart was a little far down there in price so wanted to share my thoughts on what we could see currently. Of course we defiantly need to break & close above $1.96, Once we see that honestly there isn't much past data to chart up for zones. I'm a wick trader & the first one I see is $2.47400, after that it's ATH. So I feel once we break the $2 Price, it could be wild. Especially since the recent news that came out about the RLUSD possibly being released Dec 4th . Let's see if that gives us the start of this continuation.
The correction slowed down a bit and gained sideways movement for now it looks like a double top
If Pendle comes to fill the 50% of the 4hr wick which is where the 1hr 50ema sits, I'll attempt a long for 7.12RR towards the nearest available 1D 50% of an unfilled wick, which is at 7.265. Please, share your opinion on this bias in the comments section. If you take it, let me know.
Before ICT’s Month 6 - Lesson 3 Video → Here is where I’m doing the homework from Lesson 2 (Building an example Trading plan) https://emagloire.atlassian.net/l/cp/cifnbnuL (Page for Homework Sheet) The way Arjo explains there are 5 Foundational Levels within a Trade: Bias Narrative Context Entry Risk Management You work to build through a backward approach where you start from Entry (Risk Management actually lol) and work into what environments/elements/conditions constitute a trade to be executed in your plan This exercise of building an example trading plan is influenced by Arjo’s structure in the above video. How to build a Data Trading Plan PD Array and Time in Focus What PD Array you want to key in What timeframe you want to execute on? Gather Data in Specified Timeframe to understand amount of Trading Opportunities Presented and what was the expected outcomes How many times does the Orderblock form? How many times does the Orderblock hold? Did the Orderblock created a Market Structure Shift? How many times does the Orderblock Fail? Did the Orderblock fail to create a Market Structure Shift? Then based off the data, build your Trading Plan with consideration for what elements made up the winning trades. Starting with a Naked Trading Plan where you consider all entries off the PD Arrays. PD Array in Focus: PD Array: Orderblocks that led to a Market Structure Shift (Break of Structure “Continuation” & Change of Character “Reversal“) Execution Timeframe: 1H Gather Data: Case Study Info Ticker: GBPUSD Time of Study: May 27, 2024 - Jun 16, 2024 How many times does the Orderblock form? 26 times 2 orderblocks have not been traded to 24 useable Orderblocks 5 External Liquidity OBs 19 Internal Liquidity OBs Opportunity Rate: 92.3% How many times does the Orderblock hold? 15 times (Win Rate: 60%) External Liquidity: 4 out of 5 (80% WR) Internal Liquidity: 11 out of 20 (55% WR) How many times does the Orderblock Fail? 9 times (Loss Rate: 40%) External Liquidity: 1 out of 5 (20% LR) Internal Liquidity: 9 out of 20 (45% LR) Risk Management: Stop Loss at opposite extreme of OB or most recent Pullback (second Stop Loss considered when OB is tight) Risk/Reward Summary: 1: +2 RR 2: -1 RR 3: -1RR 4: +2 RR 5: +2 RR 6: +2 RR 7: -1 RR 8: +2 RR 9: -1 RR 10: +2 RR 11: +2 RR 12: +2 RR 13: -1 RR 14: +2 RR 15: -1 RR 16: -1 RR 17: +2 RR 18: +2 RR 19: +2 RR 20: -1 RR 21: +2 RR 22: +2 RR 23: -1 RR 24: +2 RR 25: N/A 21 RR for a month of Orderblock Trading 24 trades of 20 trading days Next Steps: With the same Trading Plan - analyze your Trades and create improved trading plans based off of an aspect that could increase your trading win rate or lower the amount of trades you’re in or total volume of trades?
Greetings SHIB RSI is around 70 it is in an uptrend and RSI levels for overbought is 80, SHIB is above 10 and 50 EMA, even though SHIB at the moment is engulfed in an old Supply Zone there is still and unfilled Wick above it. SHIB may be engulfed in an old Supply Zone and it has two major resistances to surpass before getting close to all time highs. Have a safe day
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