Short
I opened a short position this morning for the following reasons:
Weekly:
1) The price closed below 38,113 (key support area) with a large bearish engulfing candle.
2) The candle closed below EMA 21.
3) MACD is still in the bull zone, but the lines have crossed and clearly pointing to the downside.
Daily:
1) The price broke below the ascending parallel channel.
2) MACD has been showing negative divergence for a while.
3) The price is clearly below 39,000 which has been working as major support/resistance in the daily chart.
My overall bias for Japan 225 is bearish and I can see the price can move to 33,000. However,
my first trade set up is as below:
Entry: 38,170S/L: 38,965Target 1: 37,145
Risk:Reward: 1:1.35
It would have been better to enter when the 1H candle closed below EMA 21 on Friday but i was asleep. I am hoping 38,300 area works as strong enough resistance to keep the price down.
Weekly:
1) The price closed below 38,113 (key support area) with a large bearish engulfing candle.
2) The candle closed below EMA 21.
3) MACD is still in the bull zone, but the lines have crossed and clearly pointing to the downside.
Daily:
1) The price broke below the ascending parallel channel.
2) MACD has been showing negative divergence for a while.
3) The price is clearly below 39,000 which has been working as major support/resistance in the daily chart.
My overall bias for Japan 225 is bearish and I can see the price can move to 33,000. However,
my first trade set up is as below:
Entry: 38,170S/L: 38,965Target 1: 37,145
Risk:Reward: 1:1.35
It would have been better to enter when the 1H candle closed below EMA 21 on Friday but i was asleep. I am hoping 38,300 area works as strong enough resistance to keep the price down.
Transakcja zamknięta: osiągnięto wyznaczony cel
TArget reached
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