A minimal chart: price is below its 4hr 200MA (also descending), MACD is descending below zero as well as its signal line.
Fib extension targets at $620, $580 and an overlap near $540 with horizontal S&R at the previous corrective low.
Based on similar bearish indications at the 1day and 3day timeframes, and confirmation in the 1hr chart: Short at Max position size with max leverage.
Fib extension targets at $620, $580 and an overlap near $540 with horizontal S&R at the previous corrective low.
Based on similar bearish indications at the 1day and 3day timeframes, and confirmation in the 1hr chart: Short at Max position size with max leverage.
Trade active:
a 1hr MACD signal - crossover below zero has opened the 4hr TF trade
Comment:
www.tradingview.com/chart/qIzqqYDj/
Comment:
Trade Update:
Just to show the 1.618 retracement posted in the previous update comment as well as the current 1hr upside reverse divergence (15h00 UTC) that implies downward trend continuation.
Just to show the 1.618 retracement posted in the previous update comment as well as the current 1hr upside reverse divergence (15h00 UTC) that implies downward trend continuation.
Trade closed: target reached:
The decline exceeded the $540 target by dropping to resistance-turned-support at $465.
This is the level that capped advance during the earlier part of 2016 (blue arrow in the chart below).
There may be additional downside, but price has reached its 1-day 200MA, a long-term S&R level, so: Profit is profit. Monster short trade closed.
This is the level that capped advance during the earlier part of 2016 (blue arrow in the chart below).
There may be additional downside, but price has reached its 1-day 200MA, a long-term S&R level, so: Profit is profit. Monster short trade closed.
Comment:
