Reasons for shorting
- A head and shoulder has formed on the bigger timeframe so hoping it will go down
- price has been bouncing off a trendline for sells and it is approaching the trendline now
- there is liquidity resting at the neckline of the head and shoulder so I hope price goes to take it out
Right now price hit the Bearish wick to rebalance itself but but I am looking for it to go up to the first order block circled in yellow. This will also be the 71.8% fib enabling the SL to be smaller and for me to get price at a premium.
TPs will pretty much be at structures but I would be happy to ride it down to 1.8053 level which is another order block. Order blocks are points of interest.
Use good risk management if the trade fails
- A head and shoulder has formed on the bigger timeframe so hoping it will go down
- price has been bouncing off a trendline for sells and it is approaching the trendline now
- there is liquidity resting at the neckline of the head and shoulder so I hope price goes to take it out
Right now price hit the Bearish wick to rebalance itself but but I am looking for it to go up to the first order block circled in yellow. This will also be the 71.8% fib enabling the SL to be smaller and for me to get price at a premium.
TPs will pretty much be at structures but I would be happy to ride it down to 1.8053 level which is another order block. Order blocks are points of interest.
Use good risk management if the trade fails
Comment:
Welp - price left without me
Order cancelled