From left to right on the chart.
Price established support at 151 / 152 level and after it lost it, price dropped to a new low at 140 (also psychological)
From there we had a mini rally towards 150 forming an ascending wedge. Once the wedge broke,(great short trade) we saw price just collapsing and not only retesting the bottom of the wedge but making a new low at 133.
Fasting forward to current Price action and my personal game plan.
I was initially tracking a symmetrical triangle, where i almost for trapped at the top twice. With that triangle failing and a possible short term double top, i am watching to see if we can lose support for a nice R:R short position.
You can notice a trendline from the lows at 133s. I will be watching tomorrow 144.36 support, which is the trendline. If we break it to the downside, i might try a quick scalp towards 143.11 (risky) Previous resistance, will likely act as support, but below 143.11 good chances we test 140.
Price established support at 151 / 152 level and after it lost it, price dropped to a new low at 140 (also psychological)
From there we had a mini rally towards 150 forming an ascending wedge. Once the wedge broke,(great short trade) we saw price just collapsing and not only retesting the bottom of the wedge but making a new low at 133.
Fasting forward to current Price action and my personal game plan.
I was initially tracking a symmetrical triangle, where i almost for trapped at the top twice. With that triangle failing and a possible short term double top, i am watching to see if we can lose support for a nice R:R short position.
You can notice a trendline from the lows at 133s. I will be watching tomorrow 144.36 support, which is the trendline. If we break it to the downside, i might try a quick scalp towards 143.11 (risky) Previous resistance, will likely act as support, but below 143.11 good chances we test 140.
Trade closed: target reached:
GREAT TRADE !!