Price was in a range from the 6th to the 12th, when it broke out. The break out move was a measured move of the prior range.
PA then declined to the support of the prior range, and once again tried to break out to the upside of the range, but was strongly rejected.
PA is currently pushing against the resistance point of the prior range, which also happens to be the 50% fib taken from the high of the breakout to the low of the subsequent decline.
This trade is a counter trend trade so use caution. If price begins to move up strongly exit quickly and keep stops tight.
I only used half of my normal position, with a stop above the wicks of the strong rejection point. with a take profit just before the support o the range. R:R is a 2
PA then declined to the support of the prior range, and once again tried to break out to the upside of the range, but was strongly rejected.
PA is currently pushing against the resistance point of the prior range, which also happens to be the 50% fib taken from the high of the breakout to the low of the subsequent decline.
This trade is a counter trend trade so use caution. If price begins to move up strongly exit quickly and keep stops tight.
I only used half of my normal position, with a stop above the wicks of the strong rejection point. with a take profit just before the support o the range. R:R is a 2