Possible Sell setup for DJI near 61.8% Fib
There are many concern lately on price pumping so hard cross industry and countries showing a strong sign of recover, that been said. there are a show selling pressure previous that causes such movement too.
This trade call is base on risk to reward 1:1.1 to sell near 61.8% fib level and ride down to the previous level near the dip. What makes me take this trade, the current economy is very irrational now, those who thinks that they miss the boat will start to jump in to push price further up and we know taking into account of the trade flows we might see those sell orders previous that yet to get filled or those people who are waiting for exit to start selling again.
I do not have a crystal ball with me, but i will rate it as a worthy sell base on 2nd time selling and downtrend continuation. Stop loss is places at the highest high. No doubt that price might reach 78.6% fib level before making a turn. i am comfortable to snipe in at 61.8% without waiting for further confirmation.
The upside of the sell trade, we might possibility to see such trades to break the year low and move lower if the market shows more pessimism. it will reach the AREA of SUPPORT even though i draw lines. Lets Name it 1, 2, 3, 4.
To Structure this trade, Risk control tips will be taking partial profit at the take profit zone that i have draw out and exit on area of 2, meanwhile move your trade to the previous high and break even when the price close below the previous low. This will help you to limit losses.
Good luck!
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This trade call is base on risk to reward 1:1.1 to sell near 61.8% fib level and ride down to the previous level near the dip. What makes me take this trade, the current economy is very irrational now, those who thinks that they miss the boat will start to jump in to push price further up and we know taking into account of the trade flows we might see those sell orders previous that yet to get filled or those people who are waiting for exit to start selling again.
I do not have a crystal ball with me, but i will rate it as a worthy sell base on 2nd time selling and downtrend continuation. Stop loss is places at the highest high. No doubt that price might reach 78.6% fib level before making a turn. i am comfortable to snipe in at 61.8% without waiting for further confirmation.
The upside of the sell trade, we might possibility to see such trades to break the year low and move lower if the market shows more pessimism. it will reach the AREA of SUPPORT even though i draw lines. Lets Name it 1, 2, 3, 4.
To Structure this trade, Risk control tips will be taking partial profit at the take profit zone that i have draw out and exit on area of 2, meanwhile move your trade to the previous high and break even when the price close below the previous low. This will help you to limit losses.
Good luck!
Like and Share my idea if you learn something. Also Follow me for more updates.
"What is Risk, When there is no Reward"
"What is Reward, When there is no Risk"
"What is Reward, When there is no Risk"
Support 1 = 18200
Support 2 = 16000
Support 3 = 14000
Support 4 = 9670
This will help to plan your trades carefully.