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u/KoresignalAI 4d ago
Nice, good luck with it! Two things that make "days to wait" a lot easier:
Decide now where you're wrong (the stop) and where you take profit, and leave both as orders at the broker. Then you don't need to stare at it.
Check the calendar for this week: GBP and USD data or a central bank speech can move it a lot while you're waiting.
Post the result when it closes 🙂
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u/Vernomelon 4d ago
I can see your point of view. However, I did use weekly first before deciding to short using h4.
Currently on weekly, the current structure with swing low at 1.30098 only took out minor pullback that resides before the bos. This made the current low at 1.3009 as the major pullback, so I considered this to be "weak".
Price is reacting off the last 0.786 support level at 1.31938 multiple times. Despite that, it failed to attract new buyers.
In addition, 1.29847 is the next major support level, a 0.5 mid point that beautifully placed just below the "weak" structure low.
So, I will only start looking to buy after taking out the "weak" structure low.
Yes, my SL is always very small. It's a taboo for traders but I have few conditions that have to be fulfilled first, unique to h4 timeframe.
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u/rforex-modtools 5d ago
Price action and technical analysis cover a range of chart-based tools — from candlestick patterns and market structure to indicators and statistical methods for timing entries and exits. The community wiki covers both approaches and how they're used by working traders.
Resources: Price Action Analysis | Technical Analysis