Market Cycle: Declining Stage
Confluences:
- Downtrend (strong trend as below 20MA)
- Market formed a head & shoulders pattern and declined upon break of neckline
- Entry on limit order of neckline so as to get a better risk to reward ratio
- SL 1ATR above "head"
- Trail SL and exit trade when market closes above previous week high
Confluences:
- Downtrend (strong trend as below 20MA)
- Market formed a head & shoulders pattern and declined upon break of neckline
- Entry on limit order of neckline so as to get a better risk to reward ratio
- SL 1ATR above "head"
- Trail SL and exit trade when market closes above previous week high
Trade closed: stop reached
Closed price at breakeven