If the market moves back to test 126.7, it will go there with a lower momentum on the 4hr (divergence).
So how do we take this trade?
Watch out for a fake break on the 1hr time-frame and take a short to the TP line.
If market remains very bearish, expect it to get to TP 2 but before that I expect a pullback to the neckline before continuing.
Stop loss will be above the false break point. Since it hasn’t happened yet, I can’t give an exact Stop Loss.
I will update the setup if it plays out.
If you agree with this analysis, give this chart a thumbs up. If you disagree, please share your thoughts so we can all learn from you.
Thank you and good luck
So how do we take this trade?
Watch out for a fake break on the 1hr time-frame and take a short to the TP line.
If market remains very bearish, expect it to get to TP 2 but before that I expect a pullback to the neckline before continuing.
Stop loss will be above the false break point. Since it hasn’t happened yet, I can’t give an exact Stop Loss.
I will update the setup if it plays out.
If you agree with this analysis, give this chart a thumbs up. If you disagree, please share your thoughts so we can all learn from you.
Thank you and good luck
Trade active
Trade closed: target reached