We've got a turtle soup pattern AND Friday closed with a --close to perfect-- bullish shaved top candle. And all of this went down, and changed power around the support resistance, I have been mentioning for so long, 1315.
Bullish shaved top candles, is most often followed by a smaller pullback in the next candle or coming coming candles. But it is a very bullish candlestick!
What I would put my trigger over the middle of last Thursdays large bearish candle, since the middle of large candles often offers support and resistance. And if you go into the hourly chart you will see the resistance SET will face (in the middle of the previous day's candle, 1330) although, if SET opens with a gap above the middle, 1330 will become a short-term support!
In the graph I show my 3 step play from here.
No. 1 would be to size down or sell all at the falling resistance.
No. 2 then if SET breaks through, wait for the retest (in a lower timeframe) and trade it from there.
No. 3 If it doesn't make it through the resistance, then wait for a candle pattern (lower timeframe) worth following, closer down to support level around 1315.
Trade setups No. 1-3 is done with a stop-loss because NEVER swing- or day trade without one! Well that is my simple rule :)
Bullish shaved top candles, is most often followed by a smaller pullback in the next candle or coming coming candles. But it is a very bullish candlestick!
What I would put my trigger over the middle of last Thursdays large bearish candle, since the middle of large candles often offers support and resistance. And if you go into the hourly chart you will see the resistance SET will face (in the middle of the previous day's candle, 1330) although, if SET opens with a gap above the middle, 1330 will become a short-term support!
In the graph I show my 3 step play from here.
No. 1 would be to size down or sell all at the falling resistance.
No. 2 then if SET breaks through, wait for the retest (in a lower timeframe) and trade it from there.
No. 3 If it doesn't make it through the resistance, then wait for a candle pattern (lower timeframe) worth following, closer down to support level around 1315.
Trade setups No. 1-3 is done with a stop-loss because NEVER swing- or day trade without one! Well that is my simple rule :)