Total_method trade entry commentary GBPUSD 2021/01/27
kind-box is the main function of Total_Method'sexplanation page andsales page
Also on the morning of 1/27, GBPUSD 5-minute chart.
This is a fairly strong upward moment, but it is being stopped near the previous high of the 1-hour wave.
After a bit of strong rise on the 5-minute chart, the price fell even faster in a shorter time.
A strong up-kind-box was broken downward in reverse.
I thought there was a strong down trend on the 5-minute level, so I waited for the appearance of a down-kind-box.
When a down-kind-box appeared, it rose to the 61.8 line and rebounded exactly at that point.
The 38.2 and 61.8 lines tend to rebound with high probability exactly at those levels.
I entered due to the strong downward movement on the 5-minute chart and the exact rebound.
If the price crosses above the 61.8 line, the scenario collapses, so I placed the stop loss a little above the 61.8 line, about 10 pips.
Since the 5-minute chart is in an uptrend for more than 5 minutes, I closed the position around the 200MA.
It turned into about 19 pips of profit.
You can understand the flow of that timeframe using kind-box.
Because you can enter with solid justification, it is also good mentally.
Thank you very much.
