For self-assessment only
This time I am opening a trade position of short based on reasons below
A. Price Action
Currently, the resistance level of today is 1740.66. The price bounced downwards when touching this key level
- For further confirmation of entry, two indicators are needed for the purpose of predictive analysis and historical analysis. I am using RSI and MACD respectively
B. RSI for Predictive analysis
- The RSI indicator created a bearish crossover since 4-5 hours ago. However, it needs another confirmation from the historical data perspective.
- The RSI line stays below the RSI-based MA line while waiting for MACD to create a bearish crossover. This has strong confirmation that the current trend is bearish
C. MACD for historical analysis
- The MACD created a bearish crossover
Trade setup
1. OP - 1734.95 (the OP has been set 2 hours ago)
2. SL - on the resistance level that is 1740.66
3. TP - 1.5x ratio that is 1726.40
Note: put the short position on 1hr timeframe, zoom out to 4h timeframe and set the TP ratio adjustment on that timeframe
This time I am opening a trade position of short based on reasons below
A. Price Action
Currently, the resistance level of today is 1740.66. The price bounced downwards when touching this key level
- For further confirmation of entry, two indicators are needed for the purpose of predictive analysis and historical analysis. I am using RSI and MACD respectively
B. RSI for Predictive analysis
- The RSI indicator created a bearish crossover since 4-5 hours ago. However, it needs another confirmation from the historical data perspective.
- The RSI line stays below the RSI-based MA line while waiting for MACD to create a bearish crossover. This has strong confirmation that the current trend is bearish
C. MACD for historical analysis
- The MACD created a bearish crossover
Trade setup
1. OP - 1734.95 (the OP has been set 2 hours ago)
2. SL - on the resistance level that is 1740.66
3. TP - 1.5x ratio that is 1726.40
Note: put the short position on 1hr timeframe, zoom out to 4h timeframe and set the TP ratio adjustment on that timeframe
Trade active
OP has been set 2 hours agoTrade closed manually
Trade did not hit either SL nor TPOpening Position - 1734.95
Closed Position - 1732.23
Profit (in pips) - 27.2 pips
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.