Pending short, wait for breakout of consolidation.
Updated
Russel 2000 is in a clear down trend, on the bigger time frame. It rejected of the upper parallel of descending channel and is momentarily making a consolidation pattern just below upper parallel.
120 min time frame
A break and close below 1550, would be a bearish reading and signal a top.
Stop loss: Conservative: above yearly high of ~1620.
Aggressive: ~1590
Target: Area of 2017 and 2019 Open ~1350
120 min time frame
A break and close below 1550, would be a bearish reading and signal a top.
Stop loss: Conservative: above yearly high of ~1620.
Aggressive: ~1590
Target: Area of 2017 and 2019 Open ~1350
Trade active
My entry point is reached, it breached the lower parallel of the ascending channel and closed below monthly opening range low ~1553 on a 120-min bar.This is not a trade for the short long, but rather one where i will add to in the coming weeks/months.
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