Looking for a short at the Monthly R2
The idea is quite simple. The 1.0000 level has been holding previously quite good. RSI is going oversold. There is an AB=CD and a 1.618 fib arround this level in combination with the monthly R2, which makes this level probbably a level of interest to other traders too. TP1 at the monthly R1 and TP2 at the monthly Pivot gives a good enough RR to me.
Trade active
Comment:
TP1 reached. Stop is now at BE. If price action gives a nice pullback I will add to my position.
Comment:
Lets see if I can short it a third time from the same spot :) This is turning into a 2618 trade.
Comment:
I added to my original position that was at the top.
I will take partitial profits at the PRZ area, here is why.
The PRZ is the level where the reversal may happen. It is a confluence of:
-New Monthly Pivot.
-Weekly S1 Pivot.
-.618 Fib retracement
- even number .98
-The projection of the 200 SMA on the 4H chart is somewhere there as well.
If the level holds price may tag the 1.0000 level where a lot of people will be interested in trading.
If the level does not hold I will be looking for a pullback into the area to sell again. Target will be the the Monthly S1/ Weekly S2 zone at .97000.
I will take partitial profits at the PRZ area, here is why.
The PRZ is the level where the reversal may happen. It is a confluence of:
-New Monthly Pivot.
-Weekly S1 Pivot.
-.618 Fib retracement
- even number .98
-The projection of the 200 SMA on the 4H chart is somewhere there as well.
If the level holds price may tag the 1.0000 level where a lot of people will be interested in trading.
If the level does not hold I will be looking for a pullback into the area to sell again. Target will be the the Monthly S1/ Weekly S2 zone at .97000.
Comment:
Major trendline is broken. Price came to the PRZ level, touched the monthly pivot and bounced right back up. Again I banked some pips by closing half of the added position from yesterday. I'll wait for another shorting opportunity.
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Another short at the .9920 daily R1 level. Target is the Monthly Pivot where I will close half of the position again.
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I got stopped at break even on all my trades but I got an entry at the top of the tripple top.
A nice RSI and MACD Divergence is forming on the 4h and 12H chart. Let's see what happens.
A nice RSI and MACD Divergence is forming on the 4h and 12H chart. Let's see what happens.
Comment:
Short position entered at .9955.Textbook AB=CD on the 15 min chart and a Pin par on the 4H chart. -let's see where price action takes us.