According to the weekly timeframe, there has been formation of a rising channel, which is a major indicator that the price might have some bearish potential. The price touched the upper trendline twice, before retesting the zone again. The price bounced off, formed a new lower-low, then right now it is in the pullback zone.
According to the chart pattern, I see that the price might have touched the higher low and we might see a significant drop from that. IF the daily candle forms a bearish candle either today or tomorrow, there might be a bearish rally that might follow after that.
The entry will be determined by the lower timeframes (1H and 4H timeframe).
The stop loss is placed slightly above the major market / resistance zone.
Entry @ 141.1, SL @ 142.4 TP 1 @ 139.7, TP 2@ 138.3 and TP3 @ 136.9.
Remember, risk only 1-2% of your account.
According to the chart pattern, I see that the price might have touched the higher low and we might see a significant drop from that. IF the daily candle forms a bearish candle either today or tomorrow, there might be a bearish rally that might follow after that.
The entry will be determined by the lower timeframes (1H and 4H timeframe).
The stop loss is placed slightly above the major market / resistance zone.
Entry @ 141.1, SL @ 142.4 TP 1 @ 139.7, TP 2@ 138.3 and TP3 @ 136.9.
Remember, risk only 1-2% of your account.
Trade closed: target reached:
Well, the trade is going well as expected.
Tp 1 hit
Tp 1 hit
Trade closed: target reached