Short Opportunity - Rising Channel looking to fail
Updated
Hi All,
It has been some time since I have posted a public analysis.
We are currently at resistance at the 7250 region. Difficulty breaking this does not bode well as the next order block has proven to be historically a stronger resistance. There are two primary trend lines that im looking to have respected. We could see a retrace to that 8K region however this seems unlikely.
We already tried to break the channel downwards once, the movement back in likely liquidated shorts. I believe this current minor pump to be a standard Bull trap.
Histogram and MACD weakening.
Volume is very low.
20,50 and 200 MA's are hugging their respective trend lines. Doesn't look promising for a break to the upside.
Lastly, we are looking to break to the downside of the rising channel a classic reversal pattern as well as the Ichimoku cloud.
Short entry @ 7149, Target @ 5671 (Next order block leg down).
Stop @ 7480. Can widen this if you please above 7520 region.
Thanks guys, leave a comment and let me know your thoughts,
Traders-Corner
***
Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions.
All investment and trade decisions, no matter how well investigated, involve risk.
***
It has been some time since I have posted a public analysis.
We are currently at resistance at the 7250 region. Difficulty breaking this does not bode well as the next order block has proven to be historically a stronger resistance. There are two primary trend lines that im looking to have respected. We could see a retrace to that 8K region however this seems unlikely.
We already tried to break the channel downwards once, the movement back in likely liquidated shorts. I believe this current minor pump to be a standard Bull trap.
Histogram and MACD weakening.
Volume is very low.
20,50 and 200 MA's are hugging their respective trend lines. Doesn't look promising for a break to the upside.
Lastly, we are looking to break to the downside of the rising channel a classic reversal pattern as well as the Ichimoku cloud.
Short entry @ 7149, Target @ 5671 (Next order block leg down).
Stop @ 7480. Can widen this if you please above 7520 region.
Thanks guys, leave a comment and let me know your thoughts,
Traders-Corner
***
Any trading advice provided has been prepared without taking into account your objectives, financial situation or needs. Before acting on the information provided you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs. You should seek professional personal financial advice before making any financial or investment decisions.
All investment and trade decisions, no matter how well investigated, involve risk.
***
Trade active
Trade open.Comment
4 Hours till daily close. If we finish under, at the time of writing this its looking like we are heading down. Comment
Clear break happened, we have come up for the retest. If this trade is to be validated we should see it dump in the coming days. Volume is very low. Trade closed: stop reached
Trade invalidated.Disclaimer
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