I am looking at the set up on the long term chart (daily). Using the 50 SMA as the dominant energy to show the trend which is down. We are seeing the first retracement back to the 50 SMA. A triple cross on the stochastic with %k and %D facing down and at the top of the cycle. We have Mom down on the medium and chart as well as %K and %D. Unfortunately I wanted to set the entry point on the short term chart (60) when %K and %D where angling down but user error prevented me from doing so. I feel confident with my stop which is just above the structure high. The target will be taken on the long term chart to maximize profits just above the S1 floor trader pivot.
Trade closed: target reached:
