A descending triangle is shaping since the 14th of Februari. Notice that this triangle is forming after a pretty bullish trend starting from December 2014. This could mean a trend reversal triangle.
There were still people buying up the 1.9600 level. I assume they have a relative tight stop because the first stronger support level is at the 1.9380 area which exposes too much risk.
So if the price breaks and close below the 1.9600 area I think that momentum will build up with bulls becomes bears losing their money.
With this analsys I'm trying to come up with a plan to scale in with my current short positions.
There were still people buying up the 1.9600 level. I assume they have a relative tight stop because the first stronger support level is at the 1.9380 area which exposes too much risk.
So if the price breaks and close below the 1.9600 area I think that momentum will build up with bulls becomes bears losing their money.
With this analsys I'm trying to come up with a plan to scale in with my current short positions.
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Related publications
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.