Lower high dosent sound like a good idea to long but lets try you only need a good stop loss position ;)
On the blue arrow you see a nice M forming so i think its safe to tell if you are on a long position be extra cautious.
In the chart i have my fib setup drawn from the bottom( 1441) of the leg to its top (1880).
The pink box is where i will place my orders from the start of the 0.5 almost to the middle of the 0.618 to 0.786 ratios.
We see nice confluence there with the 2H MA200,6H MA200 and 30MA 12H, also 12H SRSI and MACD are leaning to a downside movement.
But be cautious all the low timeframes indicators are leaning short term bullish.
This trade in my opinion has a lot more risk with the lower low so small position and tight stop loss is a MUST.
All of these to be valid we need to keep our lower low top on the at 1880 otherwise everything is invalid and we will need to do reassessment.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
On the blue arrow you see a nice M forming so i think its safe to tell if you are on a long position be extra cautious.
In the chart i have my fib setup drawn from the bottom( 1441) of the leg to its top (1880).
The pink box is where i will place my orders from the start of the 0.5 almost to the middle of the 0.618 to 0.786 ratios.
We see nice confluence there with the 2H MA200,6H MA200 and 30MA 12H, also 12H SRSI and MACD are leaning to a downside movement.
But be cautious all the low timeframes indicators are leaning short term bullish.
This trade in my opinion has a lot more risk with the lower low so small position and tight stop loss is a MUST.
All of these to be valid we need to keep our lower low top on the at 1880 otherwise everything is invalid and we will need to do reassessment.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
Comment:
To see the M that is forming on the blue arrow go to the 4H and 2H Timeframes.
Comment:
Also dont forget if we close a candle above the 1880 resistance the trade is invalidated.
Be extra cautious if you are shorting here because you are counter trading the trend so less changes for your plan to work, because of that take the measures to protect yourself Low Leverage and Stop Loss.
Be extra cautious if you are shorting here because you are counter trading the trend so less changes for your plan to work, because of that take the measures to protect yourself Low Leverage and Stop Loss.
Trade closed: target reached