Clear rejection off trendline, looking for a good entry.
Setup:
We can see that the RSI has formed a horizontal support level, even though price had been going down, indecating more streagth than weakness.
This clear agressive rejection indecates price has now changed bias to the up side.
Entry:
Placing a limit order and waiting for a retest of last consolidation level in convergence with the short term trendline (dotted in blue).
Placing my stop loss just at the bottom of the last consolidation, as this would invalidate the trade intirely.
Placing my Take profit just below the last major resistance level.
With this entry, I am giving myself a 3.7RR
We can see that the RSI has formed a horizontal support level, even though price had been going down, indecating more streagth than weakness.
This clear agressive rejection indecates price has now changed bias to the up side.
Entry:
Placing a limit order and waiting for a retest of last consolidation level in convergence with the short term trendline (dotted in blue).
Placing my stop loss just at the bottom of the last consolidation, as this would invalidate the trade intirely.
Placing my Take profit just below the last major resistance level.
With this entry, I am giving myself a 3.7RR
Trade closed: stop reached
The bounce didn't work
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.