As indicated on the chart, the price has sharply reversed from the current levels down to the support line. I am expecting the price to do the same this time around and reverse to the lower level.
Strategy:
Observe for price action at the open and go short at the highest point.
The trade will fail if the previous high is broken, hence that will be the stop loss.
Sell @ 170
SL @ 172
T1 @ 166
T2 @ 168. Giving a decent RR of 2.46.
Strategy:
Observe for price action at the open and go short at the highest point.
The trade will fail if the previous high is broken, hence that will be the stop loss.
Sell @ 170
SL @ 172
T1 @ 166
T2 @ 168. Giving a decent RR of 2.46.
Trade closed: stop reached