Looks like a nice short off of key levels. Liking the simultaneous sideways support turned resistance, and the 50MA, are acting the same as each other, as it serves as extra confirmation. Lots of levels to serve as evidence for possible down move.
A technical correction, testing the 50MA, could bring us into downtrend territory for longer periods of time. We'll see.
Theres 3 SL models here 1)TP@ extension+SL at the high of recent highs- Very non aggressive traders (1.89 RR) 2)TP@ extension+SL at 50MA+recent high- Conservative entries (2.74RR)
Best of luck, Tom
Comments
IvanLabrie
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This looks brilliant...EA is the worst too, they had it coming.
TomProTrader
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Thank you. Hahaha agreed.
As usual I regret putting the SL model on the chart... As if we have an intraday pullback today, I'd short from there, I wont ever use that thing again lol.
Tom
IvanLabrie
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Yeah, it's better to just post the idea in general, depends on the individual's strategy.
I post mine, but don't post updates on trade management. I leave that (for subs) or imagination :D
TomProTrader
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Yeah definitely. I try it, and regret it everytime :D