Recognition of Patterns
Our intraday traders start work daily at 7pm Singapore time. Since we are on recognizing the trend for this week's topic, I shall plant in the purple and pink SR Line onto CL (Crude oil) chart.
The highlighted box indicate the start time (7pm) and end time (10pm) for our Sniper traders. If you cannot get out of your trades during this period, remember to make it a *OCO order so that you can sleep peacefully.
As you can see from the chart, price is trading above purple zone (long bias) and candlestick signal (Hammer) also showing support at pink zone. On opening, buy at Hammer, target level at PAPLines-R2, that is 71 tics up move from 7pm to 8:50pm.
As usual, PAPLine-R2 is a significant resistance zone, can you spot the double top pattern? Traders have to place their *OCO order if they decide not to monitor their trades and let the computer take over. Target came at 10:30pm (Double top profit target also co-incide with PAPLine-S2). That is another 78 tics profit.
Becoming a better trader take time, but one can do it if one is committed, is willing to put in the time.
Enjoy trading :)
* OCO = A one-cancels-the-other order (OCO) combines a stop order with a limitorder on an automated trading platform. When either the stop or limit level is reached and the order executed, the other order will be automatically canceled.