Price has reached an area known to contain strong selling pressure. Higher times show this area has also acted as support and resistance in the past. Recent bearish pin bar indicates sellers have taken control of price over the last 24 hours and may be ready to push price down. Overall higher time frame trend is down and therefore I am biased towards bearish movements. Entry may be placed half way of pin bar and target placed at next are of support. Reward is 4:1
Price has reached a reward target of 2 times but is not showing any price action signals that downward momentum is slowing therefore I will stay in the trade until my target is reached or price action says price momentum is slowing.
Price has reached a reward of 3 times. Price still very bearish, will close trade once price appears to be stalling.
Trade closed manually:
I am closing trade manually, sellers have started losing momentum and price has almost reached a reward of 4 times.