From yesterday Oct. 18th, I saw that buyers were stopped multiple times giving us a clean triple top (see 1HR TF). When sellers were stopped around 182.200, and pushed up, I knew that price needed to break up past 182.850, close, and retest that area with continuation in order for me to buy.
However, price failed to swing higher giving confirmation candles to the downside. When price failed to swing higher, I went to a lower TF (15M) to get more information. As you can see, a Head and Shoulder pattern had formed letting me know price was heading down.
I like to trade in levels, so after my entry at 182.300, my TP target was where price stopped multiple times before in the past which was 181.300. Boom, trade is done.
From there, price reverses and comes back up to retest my sell stop area, takes more liquidity, fails to swing higher, and again- short position, TP 1: 181.300, TP 2: 180.900.
However, price failed to swing higher giving confirmation candles to the downside. When price failed to swing higher, I went to a lower TF (15M) to get more information. As you can see, a Head and Shoulder pattern had formed letting me know price was heading down.
I like to trade in levels, so after my entry at 182.300, my TP target was where price stopped multiple times before in the past which was 181.300. Boom, trade is done.
From there, price reverses and comes back up to retest my sell stop area, takes more liquidity, fails to swing higher, and again- short position, TP 1: 181.300, TP 2: 180.900.
Trade closed manually:
Closed at 181.300.