Target: Blue box.
Stop loss: After red box.
Reason:
- TD sequential shows that the previous counts only green candles to around number 3 before trending downwards again.
- Bollinger bands are expanding towards downwards then upwards which indicate a potential movement downwards.
- A bear flag seems to have formed.
- Trending channel goes downwards rather than upwards.
- Stochastic oscillator shows oversold but RSI still show room for movement downwards.
- Target should be around the next resistance level.
- Price is under 50 EMA and 200 EMA. A crossing between these lines are about to happen.
- Volume is relatively low at this point which will probably cause it to trend the way it leans to the most.
Stop loss: After red box.
Reason:
- TD sequential shows that the previous counts only green candles to around number 3 before trending downwards again.
- Bollinger bands are expanding towards downwards then upwards which indicate a potential movement downwards.
- A bear flag seems to have formed.
- Trending channel goes downwards rather than upwards.
- Stochastic oscillator shows oversold but RSI still show room for movement downwards.
- Target should be around the next resistance level.
- Price is under 50 EMA and 200 EMA. A crossing between these lines are about to happen.
- Volume is relatively low at this point which will probably cause it to trend the way it leans to the most.
Comment:
TD sequential was used in a wrong way, sorry.
Trade closed manually:
Past target. Need to work on identifying target level.