Total Market:
- Over extended, weak 4h and 1h close showing bears defending. Looks like we are going to see some chop consolidation, so expecting a short term pull back to downside
Weekly:
- Beneath weekly zone and 20 Ema that has continued to act as resistance, currently testing that area
4H:
- Currently testing 4H resistance zone, price is very over extended (flat line on stoch) and weak close on 4h
15 min: (entry)
- Rejected at resistance with inverted bearish hammer close showing bears coming in at this area
Trade Management:
- This is a tester trade (only 0.25% risked) so I dont plan on scaling in or out. Will be managing trade discretionally based on total market price action
Stop loss: 60.25
- just above resistance zone and wick from 15 min hammer candle
Take profit: 52.03
- Halfway thru channel at highest level of volitility (VPVR) giving me a 4:1 R
- Over extended, weak 4h and 1h close showing bears defending. Looks like we are going to see some chop consolidation, so expecting a short term pull back to downside
Weekly:
- Beneath weekly zone and 20 Ema that has continued to act as resistance, currently testing that area
4H:
- Currently testing 4H resistance zone, price is very over extended (flat line on stoch) and weak close on 4h
15 min: (entry)
- Rejected at resistance with inverted bearish hammer close showing bears coming in at this area
Trade Management:
- This is a tester trade (only 0.25% risked) so I dont plan on scaling in or out. Will be managing trade discretionally based on total market price action
Stop loss: 60.25
- just above resistance zone and wick from 15 min hammer candle
Take profit: 52.03
- Halfway thru channel at highest level of volitility (VPVR) giving me a 4:1 R
Trade closed: stop reached
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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.