Reasons for action:
1) Pitchfork lines commonly act as support/resistance.
2) Above 10 114 begins a selling zone.
3) Price has yet to re-test the middle line of the down-sloping pitchfork.
4) We are still inside of a working down-sloping pitchfork and as the price rises, so does the probability of bearish mood.
1) Pitchfork lines commonly act as support/resistance.
2) Above 10 114 begins a selling zone.
3) Price has yet to re-test the middle line of the down-sloping pitchfork.
4) We are still inside of a working down-sloping pitchfork and as the price rises, so does the probability of bearish mood.
Order cancelled:
Unfortunately price tested the middle line before reaching my entry zone, turning this into a reverse trade. This is good news for bulls because quick re-test is a sign of a healthy and sustainable trend, but my original plan is not expected to play out as we now lost the target I was aiming for.