aPhong replies to: PVSRA (Price, Volume, S&R Analysis)


{quote} Hi! Nice trade. What was your clues for this trade? Could you tell something more? your way of thinking. I had long position also but I was waiting for classic setup. (and probably closed too quick but it is friday ) {image}

As you can see there is a very nice consolidation below the key level. This was a strong indicator of MMs placing their long position along with the previous price action from the previous day. But before that big move, the MMs want more liquidity to place more long order so they pull back the price, and they do it really fast. I knew it was a stop hunt because it occurs frequently according to my experience. So i just place a limit order a little bit below quarter level. Here is my two cents: Stop hunts do not usually break key levels.

After that its all about money management really. When I got into my 1st entry, I took advantage of my good position and immediately added more. Then moving my 1st entry to BE. I added up to three times. I have reached my profits really fast so I decided to close the trade. I could’ve earned more but hey its friday and I dont like to be greedy.

On my first entry, I did not have any drawdown. A good trader knows how to take advantage of a really good position like this. Good luck and stay green.

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