This is one of my typical entry method, entry on retracement after
expansion past multi day high.
There is no setup ( 1234) per se.
But rather I see this daily close as a trigger of sorts.
1) It closed above 83.78 last week, beyond which will be bullish zone for me.
2) See that price has stall for 2 days with same high near fib6 downflow, Tuesday close & expanded above this fib6, signalling to me that price is prepared to negate this downflow and continue with the bullish momentum up.
3) hence any retracement is a short; I shall not wait for a proper 1234 setup.
Hence criteria of QUICKIE:
eg. long trade
1) multi days flat high
2) price d1 close and expanded beyond multi days flat high
bonus:(this d1 close is a trigger on big picture. eg. 13TL close , wrmb close , engulfing etc.)
3) Entry on retracement @ either
c)key levels ,
d)multi-day flat high
TP level : at dicretionary and logical levels
Hard Stop : below a key level. But if price can close below this multi day high, it also means
a bull trap is in play. Have to manual exit.
however, essence of quickie play is that since it is an expansion beyond multi day high,
it should be a true move.
This ‘true move’ can only be undone by a strong bearish engulfing , which then signify even a truer move to move down.