On D chart,
The price is at a key reversal level.
The level coincides with fib level 61.8
The MA(50) is near the price as well, and it's slooping down(a sign of a downtrend)
On 8H chart,
Divergence on %D of the stochastic, which I believe is better than the divergence on %K
Condition for entry:
The candle on the D chart must close bearish as the momentum is strong on the upside. Wearing off of the momentum is crucial
Will wait for the MACD to sloop down as well.
A superior Reward:Risk ratio
Thanks for reading. Happy Trading.
The price is at a key reversal level.
The level coincides with fib level 61.8
The MA(50) is near the price as well, and it's slooping down(a sign of a downtrend)
On 8H chart,
Divergence on %D of the stochastic, which I believe is better than the divergence on %K
Condition for entry:
The candle on the D chart must close bearish as the momentum is strong on the upside. Wearing off of the momentum is crucial
Will wait for the MACD to sloop down as well.
A superior Reward:Risk ratio
Thanks for reading. Happy Trading.
Trade active:
Sell Stop set 1 pip below the low of April 15 Day candle. SL goes above 2 pips+spread of the latest high
Order cancelled:
End of trading day and the SELL STOP has not been triggered yet. I will take the STOP off because I don't think it will be wise to get triggered on friday and hold it over the weekend.
Happy Trading
Happy Trading