Sellers are gunning for a break below ~7010. Such a move triggers a new down trend on the 120-minute chart, targeting 6820 and 6812. More importantly, such a decline would bring prices well below the former "bullish" breakout level, thus constituting a false move/flush-high/false breakout or whatever you would like to label it. Such 'flushes' (my preferred name) are almost always followed up by a significant counter move as old buyers are heading for the exists.
Chances of such a scenario are certainly above average; various intermarket developments as well as divergence makes the recent 'new high' very likely to be a flush. We have been selling into strength for some time and continue to do so.
As setup for the 120-minute interval we suggest:
short-entry below 7010
target 1 @ 6920 (cover 40%)
target 2 @ 6812 (cover remaining)
Initial stop @ 7065
Chances of such a scenario are certainly above average; various intermarket developments as well as divergence makes the recent 'new high' very likely to be a flush. We have been selling into strength for some time and continue to do so.
As setup for the 120-minute interval we suggest:
short-entry below 7010
target 1 @ 6920 (cover 40%)
target 2 @ 6812 (cover remaining)
Initial stop @ 7065
Trade active
Comment:
Stoploss lowered to break-even @ 7010 after hitting Target 1
Comment:
"Fase breakout?" --> Yes!
Nearing target 2.
Nearing target 2.
Trade closed: target reached