The price formed a bearish momentum and then formed a rising channel, which is a strong indication of bearish momentum. The price broke out of the channel and formed a lower low. I am suggesting that the price might retest the channel, then continue with the bearish momentum.
I have two suggestions for our case: 1 - Entry below the lower low @ 11450 in case the price does not retest the channel.
2 - At the lower trendline of the channel @ 11750 incase the price retests the channel.
Stop loss for the first case will be @ 11700, and Stop loss for the second scenario will be @11960
The target for the 1st scenario is 10700, and for the second scenario is @11160
R: R is 1:3
Please, Risk 1 - 2 % of your account and trade accordingly.
I have two suggestions for our case: 1 - Entry below the lower low @ 11450 in case the price does not retest the channel.
2 - At the lower trendline of the channel @ 11750 incase the price retests the channel.
Stop loss for the first case will be @ 11700, and Stop loss for the second scenario will be @11960
The target for the 1st scenario is 10700, and for the second scenario is @11160
R: R is 1:3
Please, Risk 1 - 2 % of your account and trade accordingly.
Trade active
The trade activated on the first scenario.Trade closed: target reached
Tp 1 HIT!! @11200Trade closed: target reached
Tp 2 HIT!! @10900
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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.