Trend continuation short .. or not !
Price action is in a downtrend on my trading timeframe and this bearish BAT is a perfect opportunity to catch a potential continuation to the downside.
Risk to reward ratio is a bit above 1:3, RSI is massively oversold (> 90) as price got in the completion zone, which is a good indication (but not a guarantee that price will reverse).
So I'm aiming for extended targets on this trade : Target 1 will be at the retest of last NSL and will then trail stop for target 2 after that.
However, I'm also ready to change my view on that trade if price continues to push up and closes above the red line (previous OR) : in this case the downtrend will be broken and targets will be changed from trade continuation to conventional targets (38,2 and 61,8 Fib retracement).
Now that I'm ready for all potential scenarios, let the patience game begin !
Follow my journey on social medias (links in my bio)
Risk to reward ratio is a bit above 1:3, RSI is massively oversold (> 90) as price got in the completion zone, which is a good indication (but not a guarantee that price will reverse).
So I'm aiming for extended targets on this trade : Target 1 will be at the retest of last NSL and will then trail stop for target 2 after that.
However, I'm also ready to change my view on that trade if price continues to push up and closes above the red line (previous OR) : in this case the downtrend will be broken and targets will be changed from trade continuation to conventional targets (38,2 and 61,8 Fib retracement).
Now that I'm ready for all potential scenarios, let the patience game begin !
Follow my journey on social medias (links in my bio)
Trade closed: stop reached:
Stopped on this trade : -118 pips