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240 is long but the only timeframe that i can work with my schedule. You can zoom into a smaller timeframe and get a better entry and exit. But I can only set it and forget it (limit orders). TL bounce will be a point of interest S/R. Part of this thread is to help me set up for the future vs. hindsight trading and analysis which is holding me back.
Only high probability setup I have currently is the 6E, attached you will see previous play was for a break of the counter TL but no green candles closed above the TL and price went back down, double bottom made with an IB buy limit placed at IB will play this SL at bottom of IB TP at least swing high, lets see what happens. 2011-03-27_1405 - babypowder's library
6E went the other way not filled, would have worked going the opposite way but not part of the game plan looking for a bounce play on the TL. 2011-03-27_1559 - babypowder's library
Looking to buy at this rectangle .61/.78 (brach) and TL,this looks to be a complex pullback 3rd swing hope to get on, needs to create a HH, if not then we are in a consolidation or reversal mood. We will see what happens. 2011-03-27_1619 - babypowder's library
6E- 2 scenario's I'm looking for
1) A break of previous high, pullback entry long near horizontal line
or
2) Failed to create new high, LH entry short after TL break. TL bounce play not a high probability play because r:r not there.