Trade (1)
Entry Type : Market Sell @ 74.719
Stop Loss : 76.250 (153pips)
Take Profit : 68.500 (621pips)
R/R : 4.06
R/R % : .5% / 2.03%
Technical Analysis:
Price Action has rejected the descending trend line and formed a shooting star on the weekly time frame. Coming into the daily we can see clear rejection fo the trend line yet again. The shooting star has closed below our 50.0% fib level and if we go for a smaller Fibonacci sequence then price has closed blow the 78.6% level with a wick up into the 88.6% level. I feel that price is exhausted and is ready to head south into the 70.0 and 68.5 regions that we have outlined on the chart.
Entry Type : Market Sell @ 74.719
Stop Loss : 76.250 (153pips)
Take Profit : 68.500 (621pips)
R/R : 4.06
R/R % : .5% / 2.03%
Technical Analysis:
Price Action has rejected the descending trend line and formed a shooting star on the weekly time frame. Coming into the daily we can see clear rejection fo the trend line yet again. The shooting star has closed below our 50.0% fib level and if we go for a smaller Fibonacci sequence then price has closed blow the 78.6% level with a wick up into the 88.6% level. I feel that price is exhausted and is ready to head south into the 70.0 and 68.5 regions that we have outlined on the chart.
Trade active:
I have entered this trade on a market order as stated above.
Comment:
Stop loss adjusted to break even level.
Trade closed: stop reached:
Stopped at BE.