Based on my analysis, I have identified a bearish divergence in the market, which suggests that the trend is likely to continue in a bearish direction. In order for the divergence to be confirmed, we need to see a break of the previous higher low (HL).
With this in mind, I recommend taking a short trade with a risk/reward ratio of 1:1. Here are the details of the trade plan:
Trade Type: Short
Sell Stop: 23.59
Stop Loss: 24.48
Lot Size: 96
Take Profit 1: 22.7
Take Profit 2: 21.81
By following this trade plan, we can potentially profit from the expected bearish trend while managing our risk with a well-defined stop loss. It is important to monitor the market closely and adjust our trade accordingly if new information arises.
With this in mind, I recommend taking a short trade with a risk/reward ratio of 1:1. Here are the details of the trade plan:
Trade Type: Short
Sell Stop: 23.59
Stop Loss: 24.48
Lot Size: 96
Take Profit 1: 22.7
Take Profit 2: 21.81
By following this trade plan, we can potentially profit from the expected bearish trend while managing our risk with a well-defined stop loss. It is important to monitor the market closely and adjust our trade accordingly if new information arises.