Markets have closed after setting up a double top at previous structure resistance.
This has set up a good risk to reward ratio should price produce a move down to the support level.
Market is at resistance; market has put in a double top; RSI is showing bearish divergence; a few signs pointing down.
I will be shorting when market opens.
Head and shoulders got completed and the outside return has rallied to retest the neckline of the head and shoulders. This is a great opportunity to short the market when it opens and shoot for targets back down at the support level.If you wish to shoot for extended targets, a good area is around 1.65350s, but I would only shoot for these targets should price...
Look at all the fib confluence at the resistance level. We can look to enter short within this point in the market. Market just broke and closed above previous structure resistance which indicates a further move to the upside. Next level to look for is within that red zone at which we can look for a short entry. Stops would be placed above 153.400 even handle and...
From analysis, there is an ascending channel pattern formed along with bearish RSI divergence. Good indication that the market is running out of steam and bears could take over soon. On top of this, we have a cypher completion aswell. Price has come up to test previous resistance level. We can shoot for the 38.2% retracement for targets and place a stop loss ...
We could look to enter short at a 61.8 fib retracement of the latest outside return, which would be an aggressive head and shoulders short entry. We would set targets at the retest of the neckline and could shoot for extended targets at 151.350s due to fib confluence, and a harmonic move down from previous impulse leg. A good safe stop loss would be set above the...
Potential short entry due to cypher completion at 1.20500 even handle. Go for targets at 1.20323 38.2% retracement and place stops above X leg at 1.20677. Exact 1:1 Risk to Reward ratio.
