Three reasons for this trade are as follows:
1. Location
We are in a reload short zone, at 61.8 - 78.6 fibbonaci retracement levels
2. Divergance
We have an MacD divergance on the hourly chart, inside the reload zone.. showing that momentum is slowing down
3. Price structure
We have put an "M" top in market structure and confirmed it by breaking the middle part of the M
I double check that I am making 2:1 risk reward with the first profit objective sitting at a 38.2 retracement and letting the rest ride its way down to green boxes (long relaod zones)
Now, only time will tell :)
1. Location
We are in a reload short zone, at 61.8 - 78.6 fibbonaci retracement levels
2. Divergance
We have an MacD divergance on the hourly chart, inside the reload zone.. showing that momentum is slowing down
3. Price structure
We have put an "M" top in market structure and confirmed it by breaking the middle part of the M
I double check that I am making 2:1 risk reward with the first profit objective sitting at a 38.2 retracement and letting the rest ride its way down to green boxes (long relaod zones)
Now, only time will tell :)
Comment:
Still short half of the position, patiently waiting for orders to hit at 61-78... and if it W's here and turns around i'll jump off
Comment:
Trade was a massive success :D huge drop here! short position fully filled and in profit!
I booked profits at 38.2, and now riding the trade down and see when it turns...
Profit taking orders set at 61.8 and 78.6 of the range as well.