STOP LOSS: 81.953
TAKE PROFIT: 77.201
Risk-reward: ~4x
Longer term trend: Bearish
Current trend: Bearish
General comments:
Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below.
What I like:
1) Excellent entry point - stop loss is relatively close-by.
2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level.
What I dislike:
1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts.
Other things to note:
nil
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
TAKE PROFIT: 77.201
Risk-reward: ~4x
Longer term trend: Bearish
Current trend: Bearish
General comments:
Price hit the 61.8% of the bearish move when price was trending in a rising channel. Price quickly broke the support of the channel and surpassed the 81.45 support area. Price is now retesting the same area as resistance, with a beautiful pin bar piercing through but closed below.
What I like:
1) Excellent entry point - stop loss is relatively close-by.
2) Existence of bearish momentum - price breaking the support of the rising channel translates into high odds of price moving towards the 77.2 level.
What I dislike:
1) first trouble area nearby - potential area whereby buyers will be more aggressive is around the 79.5-80 region, the most recent swing low. Will be paying attention to how price reacts.
Other things to note:
nil
*Do support by liking and following! All suggestions/feedback welcome!
x,
iskfx
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