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Showing results for tags 'trade setup'.
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The aim of this thread to get intraday chart by forum members with proper analysis, explanation, stop loss and take profit. This would not only help us find more trades but help beginners learn more about chart reading as well. As I always believe together we are stronger.
I find the best trading setups are where traps catch out one side of the market forcing covering of positions. One setup that I find very useful is best shown on a one minute chart with volume setting up conditions. I am looking for a low on an expansion bar and with high volume. I have marked it - Exhaustion 1. The second exhaustion has slightly less volume and forms after a retracement. This exhaustion bar is usually at new lows but can be at a slightly higher low. The theory is that these exhaustion bars get rid of the majority of sellers leaving the potential for a reversal to the upside. The entry is based on a failed move to the downside which traps sellers forcing them to cover. I expect a fast move to the upside, so if price doesn't move quickly I will close out. There is a few potential entry areas that I have marked. The reverse is applicable for downside trades. (The entry area for the short should read Lower High)