USDCAD - Long Entry Queue and Chill
Note:
Give up if price came close and rebound strongly without hitting entry.
White line: Queued entry
Green line: 1: 1 TP
Red line: Stop
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Ideal conditions for a queue trade
1) People must die. (Minor swing lows/highs must be breached and stops hunted before reaching your entry)
2) Price must have traveled continuously for "big enough" distance and be "tired".
3) Voids should be filled.
4) Find a suitable entry point and stop loss. (In this case, check 4 hour Last Opposite candle (supply zone/ drop-base-rally / orderblock)
5) Check that stop loss is "good" and of suitable distance from next low (To avoid being part of a stophunt)
6) Additional Stuff: Expect a 1:1 move completed.
Move should happen during during high volume period. (NY open in this case)
Give up if price came close and rebound strongly without hitting entry.
White line: Queued entry
Green line: 1: 1 TP
Red line: Stop
------
Ideal conditions for a queue trade
1) People must die. (Minor swing lows/highs must be breached and stops hunted before reaching your entry)
2) Price must have traveled continuously for "big enough" distance and be "tired".
3) Voids should be filled.
4) Find a suitable entry point and stop loss. (In this case, check 4 hour Last Opposite candle (supply zone/ drop-base-rally / orderblock)
5) Check that stop loss is "good" and of suitable distance from next low (To avoid being part of a stophunt)
6) Additional Stuff: Expect a 1:1 move completed.
Move should happen during during high volume period. (NY open in this case)
"Rule" 2 violated. Price having a good rest and consolidating.
Reduced position size and increased SL distance.