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1. Trading a Rejection candle : One of the most enjoyable pattern to trade is a Rejection candle. I say enjoyable because it has a higher probability of success playing contrarian to the market. And who doesn't like to play contrarian and win.
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2. The typical setup is something like the one shown in the below chart:
A rejection candle appearing almost at day high, followed by a red candle is a high probability short.
A rejection candle appearing almost at day high, followed by a red candle is a high probability short.
3. Stoploss in such trade would be the high made on the rejection candle.
If Market comes back and takes away that stop, it would mean the market is not really in a mood to go down. Remember, I called it a High-probability short, and not a sureshot short.
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If Market comes back and takes away that stop, it would mean the market is not really in a mood to go down. Remember, I called it a High-probability short, and not a sureshot short.
#TheWittyOptionsClass
