Seeing the way the MACD and MFI is acting, I would say there is significant risk to the downside. However if you are already long from the recent low, then I would probably look for a continuation of the more obvious trend
Could we see a retest of the recent large red candles midpoint? Possibly. And then either re-enter the bearish channel or chug through the volume zone overhead. There is also a candlestick pattern below.
I'm not in a trade atm, but I wan't to see how this turns out...
- If you want to get short, perhaps look for a better Risk/Reward ratio with a new bearish candlestick formation
- If you want to be long, you should have been in on the bullish candlestick pattern or on the Stochastics signal for a better Risk/Reward ratio
- *If* you are willing to risk it and commissions are not too high, you may be able to get a dollar in either direction with a very tight stoploss under/over the last printed candles wick or, should you like it better, over/under the low/high of the red candle we had before the last big red one.
Could we see a retest of the recent large red candles midpoint? Possibly. And then either re-enter the bearish channel or chug through the volume zone overhead. There is also a candlestick pattern below.
I'm not in a trade atm, but I wan't to see how this turns out...
- If you want to get short, perhaps look for a better Risk/Reward ratio with a new bearish candlestick formation
- If you want to be long, you should have been in on the bullish candlestick pattern or on the Stochastics signal for a better Risk/Reward ratio
- *If* you are willing to risk it and commissions are not too high, you may be able to get a dollar in either direction with a very tight stoploss under/over the last printed candles wick or, should you like it better, over/under the low/high of the red candle we had before the last big red one.