China A50Short
China 50 is at a point of major resistance - 3 times in 5 years
Confluence
Weekly - At a major point of resistance
Daily - False breakout of a ascending triangle formation
Daily - Forming of three black crows
4hours - Double Top
Concerns
Whether this down move is a part of re-tracement before heading upwards or a breakdown confirmation on the false breakout?
Trading Entry
Regarding this concern, I will trade on the breakdown of the double bottom and take a lower RtoR ratio of 1.38 instead of 1.99 and if the market happens to break down on this formation, good for us, we will ride it down.
Take 50% risk off when price hits the lower bound of ascending triangle formation.
Entry: 14285.2
Stop: 14735.4
First profit target: 13665.8
Risk to Reward: 1.38
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.