Live trading session by Alan Solarsh discussing a short bias on the market informed by a rising wedge structure that has found support at the 34 and 50 EMAs (and the 200 MA on H1). He highlights Fibonacci retracement levels (38.2% and 61.8%) as common retrace targets, explains the gravestone doji as a bearish key-reversal candlestick, and demonstrates using sell-limit/stop orders at retracement levels. Emphasizes prudent position sizing and wallet/account management — forex as a long-term system-driven endeavour, not a get-rich-quick scheme.
Chapters
All right, cool. So yesterday what did we say? We said that there was a rising wedge. So there's the rising wedge. It seems to have found this support support line on the 50 moving average and the 34 moving average. So there's the structure playing out for us and the 50 moving average. If we go to the H1 chart, it is the 200 moving average. And you can see that that is the support line over there. So.
That'S why we're stuck. So we're waiting for the banks to make a move. But yesterday I saw that there was a gravestone dogee. Let's just enlarge that over there and let's remove that.
There's your gravestone doy over there and there's your fractal. That has formed a note that I drew. The Fibonacci is also a day and a half ago. And I said to that the price was probably going to retrace either back to the ATMA or back to the 38. So the 38 EMA, a 38 fib line and the 61.8 fib line are key support resistance levels. So the price usually retraces back to them. I don't trade them. So if you missed a trade entry, what you can do is you can place a.
If we're going south, which we are, this is. We're in a short position. So what you could do is you could at the.
At that, at that levels, either the 38 or the 61, it's up to you. If you've already got like two trades.
And you've got a high drawdown, then I wouldn't place.
High lot sizes on those other trades. But they're good entry points to place multiple trades. So you could place a buy stop. Sorry, a sell stop here or sell limit. Let's just go and see what it is. So sell stop forex. So there it is. So what you wanted to do is. So you wanted to do this. It's actually a cell limit. So you were saying we're already in a cell position. But when the price retraces back to that resistance line as it touches the resistance line, a trade gets placed and it'll. It'll activate on the way down, which is quite lacka. So that's what I would do. I would place a sell limit at the 31, 38.2 and the 61.8 levels. But only do that if you've got a low drawdown. Don't do that. If you've got a hard drawdown. You must Remember to always have good wallet management and protect your account. So don't try and get rich in one trade. It's not necessary. You know, if you do that, then you get your account under duress and then you've got to really concentrate on getting out of that mess and it's not necessary. So this is, this is a long, this is a long play. That's what's left about forex. It's a long play. It's not a get rich quick scheme. It's get rich for sure with a system and a strategy. So system stands for saving yourself time, energy and money. So if you stick to the strategy and you stick to the formula, you not only save yourself time, but you solve yourself, save yourself money. So time meaning it's, it's, it's quick to do and it's quick to learn. And money, obviously if you over leverage, then you're going to lose money. If you do it properly, then you won't lose money and you'll make money. So the gravestone doji. So let's go and show you gravestone doji so that you know it's a leko key reversal. It's a key reversal.
Candlestick indicator. So here it is. So you can see that the price went up. There's that gravestone doji. And then it starts coming down. So if we look at the chart, you can see there it starts going up, you've got that gravestone doji. And then it starts retracting. It's. It's actually almost identical to the structure over here. Okay. And then we can expect.
According to the gravestone doji, we can expect a southward move, which is quite lacka. So what else can I tell you of what's going to happen here? So people are saying that it's not breaking the 50 moving average. Well, it will eventually. So I said yesterday that what you can expect to happen is you can actually expect a candle to open, two candles to actually open above the eight EMA over here and then probably find resistance at the 32 because of this structure here. I don't know if I would open up a, a bus, a buy trade. I would, I would wait because I think it's still going to go, go south. If the candles are large.
And there is price action and these, these candles are large and they break through and another candle breaks through, then I would definitely open up a bar. Hedge to hedge whatever trades that you've got going going short. Okay. So there's a lot to comprehend in my last five minutes. So have you guys got questions? So you're all 100? Yes. Thanks. Okay, cool. So we just want to gonna wait now until the until we've got some price action. And I still think that we're south. And I still think that it's gonna go south. So you can see that the first candle did open above the atma. The. This red candle. Let me. Let me enroll it. You can actually see that the green peaked above the. The eight. And then the red. This next candle went red, but it is above the atmo. So that is the first candle above the atmo, but it failed because the second candle is below the atm. So we still know that we south. So let's wait and see if there's price action. I'll have another video, so thanks for watching, and I'll see you on my next video.
