Double top?
The trade is simple.
- We have a nasty rejection wick on the 4hr.
- We are printing out a potential double top formation.
- We are pushing against 100EMA
If we can get a convincing close below the 100EMA we are off and running for a nice short. If we bounce here, I will look for longs on the 15m and 1hr (PA and a break in structure).
For now I wait to see which way we break.
Stop for short will be 7,000. Stop for long around 6,630 (depending on pump+retrace into my limit). Not really focussed on long right now.
Position well. Always set stops.
- We have a nasty rejection wick on the 4hr.
- We are printing out a potential double top formation.
- We are pushing against 100EMA
If we can get a convincing close below the 100EMA we are off and running for a nice short. If we bounce here, I will look for longs on the 15m and 1hr (PA and a break in structure).
For now I wait to see which way we break.
Stop for short will be 7,000. Stop for long around 6,630 (depending on pump+retrace into my limit). Not really focussed on long right now.
Position well. Always set stops.
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