STOP LOSS: 81.953
TAKE PROFIT: 77.201
Risk-reward: ~4x
Longer term trend: Bearish
Current trend: Bearish
General comments:
Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below.
What I like:
1) Excellent entry point - stop loss is relatively close-by.
2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level.
What I dislike:
1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts.
Other things to note:
nil
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
TAKE PROFIT: 77.201
Risk-reward: ~4x
Longer term trend: Bearish
Current trend: Bearish
General comments:
Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below.
What I like:
1) Excellent entry point - stop loss is relatively close-by.
2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level.
What I dislike:
1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts.
Other things to note:
nil
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
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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.
Automate your trading with Tradingview alerts to Metatrader 4/5 using webhooks.
Start your 14-day free trial now @ pineconnector.com/. Credit card not required.
Start your 14-day free trial now @ pineconnector.com/. Credit card not required.
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.