Broke out of channel but didn't seem to be strong enough to hold it's own weight. (pa-dum-tsss)
First bearish 4h closure was a good enough signal for me to get in, knowing draw down would be light as if i were wrong my stops were slightly above the ReTrace of the LowerHigh.
A1 risk/reward.
TP1 immediately smashed with no concerns.
TP2 is awaiting a retest to the area of 1495/1496
TP3 will be a 100% retest to the last LL of this Ultimate Down Trend.
TP4 of course will be the final goal at the bottom of the channel.
This of course, is the over-all idea.
First bearish 4h closure was a good enough signal for me to get in, knowing draw down would be light as if i were wrong my stops were slightly above the ReTrace of the LowerHigh.
A1 risk/reward.
TP1 immediately smashed with no concerns.
TP2 is awaiting a retest to the area of 1495/1496
TP3 will be a 100% retest to the last LL of this Ultimate Down Trend.
TP4 of course will be the final goal at the bottom of the channel.
This of course, is the over-all idea.
Note
When candles give this kind of exhaustion and then engulf the previous candle.. most especially on a 4h or daily chart... this becomes a huge signal. Draw down potential has been kept to bare minimum.
Note
TP #2 Hit, 50% of profits have been taken out.
Stop Loss has been adjusted into profit for remainder of trades in place.
Note
Zooming out and looking left we can see th next area we will have troubles passing, giving that we pass current support we are in now.
Lets see where this takes us later in the week.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.