All the necessary details about the short are in the image itself.
We used our 5 step analysis process to locate this trade,
1. Locate a pattern, in this case a contraction of price which indicates that selling might occur.
2. We then located the general trend, its bullish and usually before major events a basic strategy we employ is buy the rumor sell the fact (or vince versa) in this case the upcoming UK Elections.
3. We located key trading levels using the donchain channels... they line up with our TP which is the 50% of the contraction
4. Our tools, RSI is at 71 and the 13 EMA is very close to price action which could signal a reversal.
5. Price action is slowing down, and the lows and highs are near each other.
We used our 5 step analysis process to locate this trade,
1. Locate a pattern, in this case a contraction of price which indicates that selling might occur.
2. We then located the general trend, its bullish and usually before major events a basic strategy we employ is buy the rumor sell the fact (or vince versa) in this case the upcoming UK Elections.
3. We located key trading levels using the donchain channels... they line up with our TP which is the 50% of the contraction
4. Our tools, RSI is at 71 and the 13 EMA is very close to price action which could signal a reversal.
5. Price action is slowing down, and the lows and highs are near each other.
Trade closed: target reached:
cha-ching :)