Sunday, October 7, 2012

S&P Rocket Setup

Why price would go down. WR of previous box. Not a very convincing close though. Be on the lookout.

See a nice EWUS pattern forming. But i prefer to wait for constructive candlestick patterns before entry. After all its a 4h chart, i can slowly take my time :)

I'm only buying if price is at support. Simple. I'm only placing my stop loss at a strong support, not just anywhere which would get triggered anyhow. This entry provides me two support level as barriers to a losing trade. Nice touch.

Seem like the other smaller flow gives me another nice support near entry. Remember to only take this trade when you see a nice bullish reversal pattern eg doji, bullish engulfing pattern etc/

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