NEOUSDT 1D short setup to complete pullback of monthly swing
TA Explained
On the monthly time frame a big impulse can be identified for NEO. Top has been reached, currently in retracement. Fib is drawn on the monthly time frame.
On the daily time frame can be seen that the 0.618 fib level aligns with the red daily candle which indicates a strong zone, currently acting as potential support.
Zooming in to the 4H time frame the trend shows a series of lower highs and lower lows being created. Which means a downtrend. Next up for this idea to play out is a rejection on even lower timeframes of current price and a break below 16.210 support level for continuation towards the final target.
In between targets would be previous range low, next support zone and ultimately the identified retracement level. Stop loss is above overhead resistance zone. If price reaches SL it would mean a higher high being created on the 4H time frame which would invalidate the downtrend.
Trade setup
Best entries: 17.372 - 16.900
TP1: 16.210
TP2: 15.524
TP3: 14.483
SL: 18.061
RR: 2.87
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
On the monthly time frame a big impulse can be identified for NEO. Top has been reached, currently in retracement. Fib is drawn on the monthly time frame.
On the daily time frame can be seen that the 0.618 fib level aligns with the red daily candle which indicates a strong zone, currently acting as potential support.
Zooming in to the 4H time frame the trend shows a series of lower highs and lower lows being created. Which means a downtrend. Next up for this idea to play out is a rejection on even lower timeframes of current price and a break below 16.210 support level for continuation towards the final target.
In between targets would be previous range low, next support zone and ultimately the identified retracement level. Stop loss is above overhead resistance zone. If price reaches SL it would mean a higher high being created on the 4H time frame which would invalidate the downtrend.
Trade setup
Best entries: 17.372 - 16.900
TP1: 16.210
TP2: 15.524
TP3: 14.483
SL: 18.061
RR: 2.87
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
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