Swing-trading
$CIVI going short - high confluence, good r:r setupfundamentals: decent fundamentals for a short
sector: XLE at key level (resistance) and already overbought, good short
thesis: horizontal resistance play playing the bounce back down to support
buy confluences: horizontal resistance, no volume above, resistance trendline, poc below, 200MA below, rsi overbought, vortex bulls high bears low (both of them well above the minimum support line they need to be
to bounce), rsi bearish divergence, XLE sector over extended and at resistance - easy short
stop confuences: breaks horizontal resistance zone, breaks all relevant noise wicks, breaks resistance trendline, rsi and vortex will be hugely over extended, will have broken to aths (invalidates my thesis)
risk/reward: risk 1.5%, make 6.9% 1:4.5 conservatively - lovely R R - low risk, decent reward and can run much higher to 12%+ normally
trading plan-
stop: $59.67
tp: $54.73
validation strategy: maybe take profits at TP if happy and market's choppy, if not let it ride with manual trailing which placed as in profit, below key support as high as it wants - let winners run!
possible breakout to watch for... or breakdown?Watching to see what happens with this chart pattern we're seeing form on ARKG.
Over the last few months the ARK funds have been in the spotlight as funds that won't be able to perform well past the initial hype.
Will ARKG be able to take back its glory or breakdown to lower levels?
We'll see.
GBPNZD: Still Bearish! Technical Outlook 🇬🇧🇳🇿
As I earlier predicted,
GBPNZD dropped sharply last week.
We saw a strong bearish rally to 1.9 level.
For now, the market is trading within a falling wedge pattern.
Its resistance serves as the point for sellers to short from.
I believe that the pair will keep falling within the boundaries of the wedge.
Closest supports:
1.90
1.892
❤️Please, support this idea with like and comment!❤️
CADJPY Will Go Down From Resistance! Short!
Hello,Friends!
Indecison on the market is changing to a clear bearish mood
And the price action on the lower timeframes is clearly supporting this narratve
Therefore, I think a short is a good idea to go short
Like and subscribe and comment my ideas if you like them!