Parallel channel, possible short entry if we reject trend line resistance level and see bearish momentum building, looking at price action so far I would say this is likely to happen. We should also look to close below R2 on 4H Chart (around 137.00~) If we get this close below support then I will take the trade.
Stop above previous highs and outside of trend line. Potential zone of resistance around 136 looking at previous price action. I will check price action around this level and close the trade at a 1:1 if we reject this zone. However, If we break this level I will hold and my target will be around 135~ - a previous significant level and also is looking like it may tie in with dynamic support from my 800EMA.
Stop above previous highs and outside of trend line. Potential zone of resistance around 136 looking at previous price action. I will check price action around this level and close the trade at a 1:1 if we reject this zone. However, If we break this level I will hold and my target will be around 135~ - a previous significant level and also is looking like it may tie in with dynamic support from my 800EMA.
Trade closed: target reached