Hi Traders,
1. Let us compare my previous post statements with real price moves in two days. In point no. 1 of the trade plan I mentioned is quoting for your consideration."If taken out in 15 min time frame then the price will move to the red dotted line . in case this line is taken out in 15 min then the blue upper line is the target. Green arrow showing this condition from the green upper line." you can see price after two days broke green resistance and in 15 min time frame, the condition gets fulfilled. Aggressive traders can take positions but timing their trades on a lower time frame of 5 min with stop-loss. I many times wrote in my conditions that they are made up of two-time frames. 1h and 15 min. when I talk about taken out then by default, I am talking of two frames, not one. In today's case how one has to deal with it. Showing 15 min time frame to understand how one should take an aggressive trade after fulfilling 15 min condition.
2. See in fig green line is taken out by bullish white candle closed above green is the first requirement to be watched circled in green. closing is always watched for breaching line. second, see next candle did not close above-breached candle so wait for next that candle gave close above breached satisfied the condition. Now go in 5 min time frame to find buy set up with the stop loss of breached candle low on closing basis. This is how one should take the position on both time frames. The same condition applies for 1 hr also. Pink color line in 15 min chart is the sl for long trades on closing basis. Many traders are confused about taken out now I want you to help others replying in the comment box when any new traders ask about taken out in a practical way.
Trade plan for the next day.
1. See fig I made a triangle of red color showing the candle qualifies of taken out condition. The previous candle breached the green line but not closed above it so does not qualify. when triangle candle high is taken out by any candle in the next session on a closing basis then taken out condition will qualify. the stop loss will be low of red color triangle candle on a closing basis. some times price moves very fast crossing the low of the breached candle then covers your position immediately rather than to wait on a closing basis. There is no hard and fast rule in trading sometimes one has to see price action at this stage. Because the time frame is 1 hr so if you wait for one hr then the price can go very deep.
2. If in any case price takes the pink color lower line in 5 min time frame then the trend will change to the downside. look for a sell setup. Do not jump into the trade.
3. Upside red dotted line is a target if takes out in 15 min time frame then the blue line is the target. The rest market will decide.
YOGESH VATS
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.
1. Let us compare my previous post statements with real price moves in two days. In point no. 1 of the trade plan I mentioned is quoting for your consideration."If taken out in 15 min time frame then the price will move to the red dotted line . in case this line is taken out in 15 min then the blue upper line is the target. Green arrow showing this condition from the green upper line." you can see price after two days broke green resistance and in 15 min time frame, the condition gets fulfilled. Aggressive traders can take positions but timing their trades on a lower time frame of 5 min with stop-loss. I many times wrote in my conditions that they are made up of two-time frames. 1h and 15 min. when I talk about taken out then by default, I am talking of two frames, not one. In today's case how one has to deal with it. Showing 15 min time frame to understand how one should take an aggressive trade after fulfilling 15 min condition.
2. See in fig green line is taken out by bullish white candle closed above green is the first requirement to be watched circled in green. closing is always watched for breaching line. second, see next candle did not close above-breached candle so wait for next that candle gave close above breached satisfied the condition. Now go in 5 min time frame to find buy set up with the stop loss of breached candle low on closing basis. This is how one should take the position on both time frames. The same condition applies for 1 hr also. Pink color line in 15 min chart is the sl for long trades on closing basis. Many traders are confused about taken out now I want you to help others replying in the comment box when any new traders ask about taken out in a practical way.
Trade plan for the next day.
1. See fig I made a triangle of red color showing the candle qualifies of taken out condition. The previous candle breached the green line but not closed above it so does not qualify. when triangle candle high is taken out by any candle in the next session on a closing basis then taken out condition will qualify. the stop loss will be low of red color triangle candle on a closing basis. some times price moves very fast crossing the low of the breached candle then covers your position immediately rather than to wait on a closing basis. There is no hard and fast rule in trading sometimes one has to see price action at this stage. Because the time frame is 1 hr so if you wait for one hr then the price can go very deep.
2. If in any case price takes the pink color lower line in 5 min time frame then the trend will change to the downside. look for a sell setup. Do not jump into the trade.
3. Upside red dotted line is a target if takes out in 15 min time frame then the blue line is the target. The rest market will decide.
YOGESH VATS
Disclaimer:- All trading positions should be taken from consulting your financial planner. This study is for educational purposes only.
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www.facebook.com/Trade-n-Grow-106510157783894/
twitter.com/yvatsji
www.youtube.com/channel/UC7BVSMV6b3Lyu1Sbf_9nA4g