1. Found supply at 200Dma
2. Test of previously broken trend line
3. Didn't forcefully break .618 fib level even with large momentum on yesterdays candle.
4. Downward sloping 200Dma & flat 100Dma leave trend range bias to the sell side.
5. Tweezer top.
6. Price has gone straight up for 2 weeks with little correction - profit taking imminent.
Highly probable swing trade with 25 pips risk for 50 pips potential gain.
Targeting the 1.375 price range confluence of the .5 fib level derived from the larger proceeding downtrending range & the flat 100Dma
2. Test of previously broken trend line
3. Didn't forcefully break .618 fib level even with large momentum on yesterdays candle.
4. Downward sloping 200Dma & flat 100Dma leave trend range bias to the sell side.
5. Tweezer top.
6. Price has gone straight up for 2 weeks with little correction - profit taking imminent.
Highly probable swing trade with 25 pips risk for 50 pips potential gain.
Targeting the 1.375 price range confluence of the .5 fib level derived from the larger proceeding downtrending range & the flat 100Dma
Trade closed: target reached:
Almost to my price target. I'll be shorting again on a break and close below the daily uptrend line & 100Dma.