Pros: - Both FI and MACD Histogram ticking lower when price is going high. - RSI overbought. - Double hanging man represents weak buyer pressure around 1167. - Profit target 2R for now since it is counter trend trade. (Will adjust profit target accordingly depending on how it turns out the next few days)
Cons: - EMAs are still pointing upwards. - Counter trend trading
Conclusion - The divergance of both MACD and FI holds more weight in my opinion. May be wrong but we'll learn as we go. My first time executing a counter trend trade.
Comment
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Entered the trade but prices rallied.
Still make sense to be in the trade because of: - MACD ticking lower even though price increased. - Force Index on 13 Nov is not as high as 11 Nov when closing price is similar - Lack of long wick represents bull did not attempt to push the price above resistance - Decent tail length represents bears power to push price down