Preceding trend – bearish Current price action – Ranging/Consolidation
The range is well established and taking a short at its top would be in line with the major trend. A trend continuation leading to larger gains cannot be ruled out either. For an entry signal I will be looking at price action on H4 and H1 time frames. Extending the target will depend on how I see the strength and momentum with the bears. For now, I will be targeting the range bottom.
If this setup works out as per above, we have the potential for a +3R trade.
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The trade made a nice 250 pips profit and I have decided to close it (not wanting to risk leaving it over the weekend).