I think these are nice possible short trades on hourly.
The first one I see is price pullback to around ~1356 and I set stop loss of 1.25% for this, this is a bit risky and can be tighter but I'm ok with entering with small position here. I'm looking for first TP around ~1325, which is one of the target I got from this fib.
The second one I see is possible double top forming around ~1370 and I set stop loss of 0.5% for this, it can be tighter since it is based on double top forming. This trade is much more safer and the first TP is still around ~1325 considering the strong trendline support.
I personally plan on entering with small position at ~1356 and adding some more at ~1370 with stop loss being above the possible double top scenario.
Note:
I'm only going to take these trades on these entry targets being hit and I will also be looking at the price action around these entries for confirmations.
To see clearly, zoom in.
The first one I see is price pullback to around ~1356 and I set stop loss of 1.25% for this, this is a bit risky and can be tighter but I'm ok with entering with small position here. I'm looking for first TP around ~1325, which is one of the target I got from this fib.
The second one I see is possible double top forming around ~1370 and I set stop loss of 0.5% for this, it can be tighter since it is based on double top forming. This trade is much more safer and the first TP is still around ~1325 considering the strong trendline support.
I personally plan on entering with small position at ~1356 and adding some more at ~1370 with stop loss being above the possible double top scenario.
Note:
I'm only going to take these trades on these entry targets being hit and I will also be looking at the price action around these entries for confirmations.
To see clearly, zoom in.