Daily showed a shooting star-like candle that exhibited an upper wick much larger than the body of the candle. The wick featured a touch of resistance and a fib level. Price is currently towards the top of the 4H and 1D bbands with 1H and lower TFs displaying a BBand Squeeze. I expect the move to be in the downward direction.
Target: Previous daily resistance in hopes that it retests that level as support.
2/3 of my stop is trailing from above the wick
1/3 is stationary above the wick
I am weary of a stop run above the previous daily wick before downward continuation.
May the MMs be with me.
Target: Previous daily resistance in hopes that it retests that level as support.
2/3 of my stop is trailing from above the wick
1/3 is stationary above the wick
I am weary of a stop run above the previous daily wick before downward continuation.
May the MMs be with me.
Trade active
Comment:
In retrospect, my entry was piss poor. I shorted no-mans-land. When I usually like to short resistance w/ divergence. Ideally volume divergence.
Comment:
The 4H did not print with a bull div. Missed it buy a little bit. but the candle finished well off the high. Sign of weakness.
4H stoch is crossing up. Ideally I'd like to see a bearish recross below the midpoint.
4H wavetrend in need of a correction desperately. Fits my bias, so I'll be watching it
4H stoch is crossing up. Ideally I'd like to see a bearish recross below the midpoint.
4H wavetrend in need of a correction desperately. Fits my bias, so I'll be watching it
Trade closed: stop reached
A Regular Bear Div has appeared on the 4H. Thinking about adding to my short in order to DCA up