We are on a bearish trend on the higher time frame, and we have not tested the support level that is "expected" to test. We look left and seek for the previous outside return for an opportunity to go short. The market went over bought, and I am now waiting for a double top to enter. One could certainly look to trail second targets for a retest of the lows. However, we have two structure levels that may act as support if we go lower, of course. I require a 1:1 and we easily get a 1:1.4 to target 1 and a 1:2.4 to targets 2, so that is enough for me.
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We did not get the double top. This happens when one trades conservatively, and we have to be willing to miss a lot of trades
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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.