How should I be read these charts

[enbyus1]

On the Daily price is at 200MA which, correct me if i wrong, ignorant money likes to use as support. Also, we see the past 3 days heavy buying from IM as well.
Now the problem is my analysis begins with the H4 where we are at a reversal point. The channels you created seem to hold up fairly well with price rarely exiting said channels.
The H1 and M30 both show a clear stop target and long money Squeeze. Off the top off your head is there a video that you could recommend in your repertoire that i need to re-watch that’d explain the these situations? Thanks.

[enbyus1]

Full disclosure: I did take the trade in demo to learn how price responds around the first stop target on H1. Also long are entering squeeze on same time frame.

[aj1985]

I took a short on this earlier from 1.2056 targeting those exact SLs. Now that I see that we reached the lower part of channel and a buy arrow appeared I tightened my stops a lot .
What I guess a great entry long might be after it clears those SLs below especially if for some reason some shorties join the market.

[enbyus1]

aj1985 wrote:

I took a short on this earlier from 1.2056 targeting those exact SLs. Now that I see that we reached the lower part of channel and a buy arrow appeared I tightened my stops a lot .
What I guess a great entry long might be after it clears those SLs below especially if for some reason some shorties join the market.

Looking at how George taught to lay out charts if we see a H4 reversal we may run into resistance, or short term reversals, at key levels marked out. But IDK

[enbyus1]

aj1985 wrote:

I took a short on this earlier from 1.2056 targeting those exact SLs. Now that I see that we reached the lower part of channel and a buy arrow appeared I tightened my stops a lot .
What I guess a great entry long might be after it clears those SLs below especially if for some reason some shorties join the market.

That was a really good entry by you. Congrats. Can I ask how you learned to psychologically handle not closing the position early. I would went nuts seeing 80 pip win suddenly retrace 60 and ranging for a few hours before moving away again. Do you set it and forget? or you do you manage such position?

[aj1985]

enbyus1 wrote:

aj1985 wrote:

I took a short on this earlier from 1.2056 targeting those exact SLs. Now that I see that we reached the lower part of channel and a buy arrow appeared I tightened my stops a lot .
What I guess a great entry long might be after it clears those SLs below especially if for some reason some shorties join the market.

That was a really good entry by you. Congrats. Can I ask how you learned to psychologically handle not closing the position early. I would went nuts seeing 80 pip win suddenly retrace 60 and ranging for a few hours before moving away again. Do you set it and forget? or you do you manage such position?

I think I have to thank Djamal because once u see those SLs its easier to keep the position alive. However I always try to look at my risk reward ratio and when I dont like how that looks I just tighten my stops considerable so that it makes sense from that risk reward perspective.

[FractalFreak]

Well done, Brent.

D

[FractalFreak]

That was a typical stop-hunt to clear the day chart 200 SMA.

You traded against the DM longies and into a “young” squeeze.

You also saw that the DM would have placed their stops just below the low.

Good work.

D

[aj1985]

Djamal, what do u suggest our SLs be when for example we get “expensively” into a short where we perceive that the SM has a clear target to clear some DM stops lets say 100 pips below but we dont have any stops higher (so we place our stops above those sls) or any indication that could make us think that we found our smart SL place.
SHould we think of it in terms of Risk reward and maybe put our stops at 50 pips above, so we keep a 1/2 Risk reward or what would ur suggestion be in cases like this?
thanks !

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