Pennant pattern has formed on this potential pullback. The weekly time frame shows nice steady downtrend with expanding volume indicating the higher time frame has commitment of sellers to continue the downtrend.
Volume on the daily timeframe has contracted in line with a pullback forming the pennant pattern. Volume has began to expand at the end of the pattern indicating sellers may be positioning to continue the downtrend.
Enter if price breaks below the pattern. Target is set at the same distance from the previous pullback to the start of the current pullback.
Exit the trade if price makes a pivot point or the stop loss level is hit.
Volume on the daily timeframe has contracted in line with a pullback forming the pennant pattern. Volume has began to expand at the end of the pattern indicating sellers may be positioning to continue the downtrend.
Enter if price breaks below the pattern. Target is set at the same distance from the previous pullback to the start of the current pullback.
Exit the trade if price makes a pivot point or the stop loss level is hit.
Order cancelled:
entry not reached
Trade active:
Order is back on. Fake break out to the upside has caught out traders going long. Should be a push to the downside as the stop loss orders are triggered and the longs are selling.