All analysis according to the 15M Chart
Oversold early and it's losing strength according to the RSI. The pre market resistance turned support level is now at the 618 fib level. It makes sense to short at this moment of the day.
Add a MACD and it the momentum is coming to the 0 level after crosing for updward momentum to downward momentum to 0. Seems like it could all be down momentum now. Not that I always rely on the signals from the MACD but the signal line has been signalling sell for a while. It could be time to take advantage of the signal.
I'm not proposing much of a stop loss because If the idea does not work, the 3302 level could turn from resistance to support. So I'm personally not giving it much wiggle room.
Oversold early and it's losing strength according to the RSI. The pre market resistance turned support level is now at the 618 fib level. It makes sense to short at this moment of the day.
Add a MACD and it the momentum is coming to the 0 level after crosing for updward momentum to downward momentum to 0. Seems like it could all be down momentum now. Not that I always rely on the signals from the MACD but the signal line has been signalling sell for a while. It could be time to take advantage of the signal.
I'm not proposing much of a stop loss because If the idea does not work, the 3302 level could turn from resistance to support. So I'm personally not giving it much wiggle room.
Trade closed: target reached:
Closed at 2394.43. I could've held but I wanted a quick scalp.
You're either trading with Smart Money Theory or your just burning your money money. Believe me, I've been there.
