Short Setup – Possible Pullback from Local High
Price recently created a local high after a strong bullish move. However, signs of exhaustion are visible near the top (multiple rejection candles), suggesting a potential short-term pullback.
I'm taking a short position with the following levels:
Entry: Around 3025
Stop Loss (SL): 3080 (above the recent high)
Take Profit (TP): 2950 (near previous support zone)
This setup offers a solid risk-to-reward ratio. If price breaks above the high, the setup is invalidated. Otherwise, I'm looking for a correction down to key support.
Price recently created a local high after a strong bullish move. However, signs of exhaustion are visible near the top (multiple rejection candles), suggesting a potential short-term pullback.
I'm taking a short position with the following levels:
Entry: Around 3025
Stop Loss (SL): 3080 (above the recent high)
Take Profit (TP): 2950 (near previous support zone)
This setup offers a solid risk-to-reward ratio. If price breaks above the high, the setup is invalidated. Otherwise, I'm looking for a correction down to key support.
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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.