Potential TCT bearish opportunity
Since Price Action puts a NSL yesterday afternoon I'm now interested to short this pair and looking for opportunity to sell in my "Kill zone" or zone of interest (the yellow one).
Depending on your trading plan and rules for entry you might want to wait for price action to come in that kill zone then look for your rules to be met. For example, RSI needs to be oversold, need to have a L3C candle or a pinbar, or another candle formation on a smaller timeframe, or an advanced pattern.
We're having a potential bearish BAT pattern completing in the killzone so if price get up there I will be getting involved to short this pair.
Stops can be placed 1 ATR above the killzone or a Fib extension of the XA leg of the BAT pattern. As for targets, one scenario can be a retest of the A leg for target 1, and a restest of 1,0160 for target 2 (we can see that level has been respected support in the last few weeks). I personally don't set a target 2, I trail stop after target 1 gets hit.
But it all comes down to what your trading plan says and how it allows you to get involved.
Good luck in the markets !
Depending on your trading plan and rules for entry you might want to wait for price action to come in that kill zone then look for your rules to be met. For example, RSI needs to be oversold, need to have a L3C candle or a pinbar, or another candle formation on a smaller timeframe, or an advanced pattern.
We're having a potential bearish BAT pattern completing in the killzone so if price get up there I will be getting involved to short this pair.
Stops can be placed 1 ATR above the killzone or a Fib extension of the XA leg of the BAT pattern. As for targets, one scenario can be a retest of the A leg for target 1, and a restest of 1,0160 for target 2 (we can see that level has been respected support in the last few weeks). I personally don't set a target 2, I trail stop after target 1 gets hit.
But it all comes down to what your trading plan says and how it allows you to get involved.
Good luck in the markets !
Order cancelled:
Never got filled and pattern is now invalid
