We have a double top followed by break of structure to the downside, followed by a retrace to 0.618 fib - which gives us an opportunity to get short with 2618 strategy.
I trade this setup without waiting for confirmation by, for example, engulfing. However, I put my entry higher than 0.618 to get better risk to reward.
Target just above a previous structure, and potential profit taking zone, see circle.
I trade this setup without waiting for confirmation by, for example, engulfing. However, I put my entry higher than 0.618 to get better risk to reward.
Target just above a previous structure, and potential profit taking zone, see circle.
Trade closed: stop reached:
Nope!