KNOW THE MARKET STRUCTURE BEFORE PLACING TRADES

DAILY

60MIN

30MIN

10MIN

1MIN

FUCKED UP FCX SHORT TRADE:

- NOT ENOUGH PREPARATION BEFORE ENTRY

- Should have noticed where today's action was in the long-term picture overall.

                  - That we are at IMPORTANT SUPPORT LEVEL ON THE DAILY CHART!

                  - PLUS we are at the bottom of wedge formation as seen VERY CLEARLY IN THE 60MIN  

                    CHART!!

                  - That the price action remained ABOVE VWAP with HIGHER HIGH AND HIGHER LOWS

                  - That a trend break in an uptrend DOESN'T MEAN price will have to reverse! AS LONG AS                  

                     IT'S STILL WITH HIGHER LOWS!! 

                  - THERE WAS NO IMPORTANT INFLECTION POINT FOR YOU TO GO SHORT!

WHAT YOU NEED TO LOOK FOR BEFORE SHORTING:

- IMPORTANT INFLECTION POINT (SEE 10MIN CHART)

- PRICE SHOWS WEAKNESS/CONSOLIDATION

- PRICE BREAKS DOWN FROM THIS CONSOLIDATION

- PRICE BREAKS UPTREND LINE.

- END OF DAY MOMENTUM

- PRICE IS FAR FAR AWAY FROM VWAP/IMPORTANT SUPPORT