- Set up your daily levels
- Drill down to LTF
- Set up the daily range
- Enter when conditions present
- Exit at planned target
- Set up your Daily HTF key areas of S/R
- Set up your daily range (from prev daily high to prev daily low)
- Add a mid range fib to get your daily range
- You'll see that the mid range support is tested again and again until buyers are exhausted
- Add your target fibs, note that there are plenty of opportunities to enter the trade
- Add the VPVR tool to reveal a strong Point of Control that also acts as resistance
- Bang it all together and you've got a great short for 2.14R
Hope this works for you.
Let me know if you are confused at all below
Thanks for taking the time to read
Mindset
Quick update:
We were aiming for the Previous Daily Low as a target, but what you will find is that price has now surpassed this level and is trading at the next Daily Level that we had marked up previously.
Hope you found some value in this thread!
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Then we add fibs to suit the move on the 1H TF (15M TF shown here though)
As we see how price is playing out, we pull our target fibs on the recent swing low to swing high, and see that the 0.705 level of the target fibs lines up nicely with the 0.236 1H HTF fibs
A little snippet into a current trade of mine right now - $DOT
A mini day trade thread:
- First open the chart and assess the Price Action
- What we see is some previous market structure broken per the rectangle
- We've also now had 4 taps of support here
Now we set up our HTF fibs as shown, and then also check the volume
- Note that there was a large amount of volume to support the larger move, with much lower volume now where price is trading
- We've hit the 0.618 fib of a higher time frame &clearly seen some rejection
- Based on the move, we should now build a narrative
- History has doesn't repeat itself, but it does rhyme
We can call this move a bear flag at the moment, and the key thing is to recognize how price reacts as the 0.382 fib level of a bear flag
- Note the ellipses shown here for reference
Now to check out some Volume Profile:
We're at the VaH of the VPVR - in a parallel channel we usually short at the tops of these, so there would have been a lot of selling interest here, coupled with the 0.618 hit of the overall HTF