Been a while, let's see if I still got it
Let's be ready.
The resistence here is pretty strong, but anything can happen so my stop loss is pretty high and my take profit is down close to the bigger support. the RSi are Overbought so it is the perfect moment to short.
trend line and resistance are there to protect.
Waiting for the position, to be ready.
As I said 2 or 3 days ago, the head and shoulder finally formed. So let's used it to make 40-50 pips with a risk of 15-20 pips, It isnt the best risk/reward ratio but the Technical Analysis is pretty good.
There is a good chance for the retest before going down and the ratio Risk/Reward is awesome !
Basic downtrend, this is a low-risk/high-reward scenario and I'm ready for it.
Just waiting to reach that High importance Resistance/support. to go touch the other support to make a nice probably 100 pips. reward 100 pips, risk 20-30 pips.
This could be a head of the head and shoulder patern but there is no good indicators for that right now. The only point here is to wait for that drop.
Right now could be a good aggressive buy, but waiting for that small retest could be a conservator move. It could as well be a smart move. This is a Long Therm Position LTP. "This is what I call it. I'm in a 2 hours chart, the 1 day chart is better than this one. My stop loss is below the last biggest support and my take profit is close to the first biggest...
It went through the last support and came back above it. Now the support look stronger than before. My guess is that it could go as high as the second resistance, this is where i put my take profit. My stop loss is below my last support as i said, it should go below it but we never know.
Even if the downtrend is broken be aware of the news and fundamental.