This is a risky trade as it is counter trend along with the FOMC minutes out later in the US session.
Price has been in an uptrend since beginning of this year, it has been nicely following a rising channel on the daily. After price hit a strong resistance it had a slight correction and then moved up again, it hit into the resistance a second time with a strong bullish candle followed by two weak candles which leads me to think that there might be another correction coming.
On the 4HR you can see what could be a Head and Shoulders pattern forming with a long right shoulder, or you can see it as a descending triangle pattern, either way it is a bearish que. I will wait for the 4HR candle to close below the neckline/4HR Descending Triangle support and then sell on the retrace.
Not looking for a very big move here with TP1 @ 15077 and 1:1.4 R:R and TP2 @ 14912.9 and 1:3.58 R:R, although price might get stuck around the 15000 area. BE will be set at 15102.4.
Use proper risk management and remember, this is a risky setup and not a signal.
Thanks
Munky83
Price has been in an uptrend since beginning of this year, it has been nicely following a rising channel on the daily. After price hit a strong resistance it had a slight correction and then moved up again, it hit into the resistance a second time with a strong bullish candle followed by two weak candles which leads me to think that there might be another correction coming.
On the 4HR you can see what could be a Head and Shoulders pattern forming with a long right shoulder, or you can see it as a descending triangle pattern, either way it is a bearish que. I will wait for the 4HR candle to close below the neckline/4HR Descending Triangle support and then sell on the retrace.
Not looking for a very big move here with TP1 @ 15077 and 1:1.4 R:R and TP2 @ 14912.9 and 1:3.58 R:R, although price might get stuck around the 15000 area. BE will be set at 15102.4.
Use proper risk management and remember, this is a risky setup and not a signal.
Thanks
Munky83