Hello!
I am looking for a top here with a very tight stop. Stop is put above the prior local tops and also above the top of the bearish channel at 10724Eur. The red trendline which my red arrow points downward to around 9450 is the weekly trendline, which was tough broken in my opinion now with the current price action it has to be readjusted. It still is a valid trendline, it is just not as perfect as it was before. The fractal which you can see in the first green box seems to play out in the second green box, but to the inverse as drawn.
In my eyes it is a nice risk, and a decent point to enter the trade as it meets strong resistance here together with an RSI above 80, which has not held for long before.
I am looking for a top here with a very tight stop. Stop is put above the prior local tops and also above the top of the bearish channel at 10724Eur. The red trendline which my red arrow points downward to around 9450 is the weekly trendline, which was tough broken in my opinion now with the current price action it has to be readjusted. It still is a valid trendline, it is just not as perfect as it was before. The fractal which you can see in the first green box seems to play out in the second green box, but to the inverse as drawn.
In my eyes it is a nice risk, and a decent point to enter the trade as it meets strong resistance here together with an RSI above 80, which has not held for long before.
Comment:
At this point, a serious break back above the trendline would invalidate my idea, so i am lowering my stop just above break even to 10568,above the top of the lastest doji.
Comment:
Closed with a small loss.
Comment:
Reentered at 10510 with a smaller position, but a higher stop above the top of the top 2 high candle at 11001. It now looks even more then what i was looking for, lets see if it plays out this time.
Comment:
At this point it seems to be playing out well, but as the first rule goes, do not loose money. As it has moved enough to the downside now, i am setting my stop to break even.