Confluences to Enter a Sell:
1. Trend Line Break
2. 1HR Market Structure Break ( HL breached at 24,293)
3. Bearish Candles coming off Psychological levels
4. Multiple Psychological Level Bounces
Stop Loss placed on other side of 25,000 psychological level
Take Profit placed two psychological levels away between fibonacci "golden zone"
3 to 1 Risk Reward
Timeline for this trade is 3 to 7 days
1. Trend Line Break
2. 1HR Market Structure Break ( HL breached at 24,293)
3. Bearish Candles coming off Psychological levels
4. Multiple Psychological Level Bounces
Stop Loss placed on other side of 25,000 psychological level
Take Profit placed two psychological levels away between fibonacci "golden zone"
3 to 1 Risk Reward
Timeline for this trade is 3 to 7 days
Comment:
With that spike in price to 25,200, a move down to 22,450 seems unlikely. I have updated my Take Profit to 23,495. Still leaving us with a 1.5 to 1 RRR
Comment:
With 6 rejections of the 25,000 psychological level, I expect price would have already made a larger move to the downside. Not really confident in this set up at this point. Moving SL to break even. If it continues to move in to profit, great. The most important thing is to protect our capital.
Order cancelled:
Trade Closed at break even