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When it gets near the end of the day, I like to tighten my trailing stop by moving it half way up any wide range bar, instead of behind it. In this case I am showing the trailing stop with the target line (RiskReward indicator), so as to retain and show where the original stop was.
Question for you, what made you think the candle where you entered was the one that would mark the end of the down move ? the candle closed in the middle of its range, not a strong close in my book and just at equality with the lows of 3 previous bars. Did you use a lower time frame ?
I am not a price action trader, I use indicators. I use only one chart to trade, no lower timeframe, no higher timeframe. The indicator on the chart identifies the entry, the way I've learned to read it. I also have 2 additional indicators to confirm my entries. That bar was the entry bar confirmed by all indicators. The entry for me is imperative, my aim is to enter on the bar that forms the apex of a reversal swing, as that offers me the best risk/reward. I start stalking and waiting for that entry from the beginning of the dashed lines drawn, where the divergence starts to form.
So monpere you were very vocal about the contributions made in this thread but I did not see any contributions from you in this thread as to what you were looking at prior to your trade. Why was that do you think? I am curious to why that was
I only trade regular divergence, I don't believe in hidden divergence, the theory behind it never really struck an accord with me. I feel you should never trade a market phenomenon you don't fully understand or does not fully resonate with you.
I'm not asking to turn the thread into a trade calling service. I'm saying, if you offer an analysis, follow up and show how that analysis turned into a trade or not, and if so, how that trade turned out, or would have hypothetically turned out.
I know your preference about your regular timeframe but was kind of surprise to see a trade of yours on a 60 minute chart. However, despite your explanations, i still did not get why your entry price is so close to the apex on the 60 min. How can an indicator trigger an entry at that price on such a slow timeframe ? So if you don't mind, i will reformulate my question, what were you looking at on the 60 min. chart that told you the timing was perfect to pull the trigger for a long at the price indicated just in front of the round number ?