What is up everyone, long time no talk. Gonna post this trade up since we do have a confirmed double top on the four hour. Not only is there an obvious double top being shown but on the daily chart, we can see we had a bearish engulfer as well.
Stop-loss is a very small window and I think it should be but I am pretty confident that this trade will reach support as it should. The past few four hour candles seem bearish since they have a high wick at the top of the closing and each one is being cut off by the resistance line, it just seems as if everyone is expecting to short this trade. Keep in mind too, this trade is a descending triangle, so there is a possibility that it could break past the bottom white support line I have made.
~JS
Stop-loss is a very small window and I think it should be but I am pretty confident that this trade will reach support as it should. The past few four hour candles seem bearish since they have a high wick at the top of the closing and each one is being cut off by the resistance line, it just seems as if everyone is expecting to short this trade. Keep in mind too, this trade is a descending triangle, so there is a possibility that it could break past the bottom white support line I have made.
~JS
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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.