In our case we have trend line being hit and respected, historical support and resistance area respected thus far, 0.618 fib retracement on higher timeframe, and a 0.382 fib of recent bullish leg being our first entry.
You can see the breakout from the consolidation channel within orange.
Buying zones in strong light green.
If we close below 1260 we will most likely see at least 1250 within a near future.
You can see the breakout from the consolidation channel within orange.
Buying zones in strong light green.
If we close below 1260 we will most likely see at least 1250 within a near future.
Note
Part profit booked at 1270 and stop loss moved to break even.Remaining position stopped out at break even.
Idea still valid, might reenter - awaiting confirmation before doing so.
Note
This actually turned into a successful short, entering at the break of 1260 with final target 1240. Posted on my telegram t.me/timmynorinAn idea will change in regards to how price action react. And you need to be ready to adjust to this new environment.
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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.