Price is currently moving in the upside direction towards the 61.8% Fibonacci level, and is in an area of resistance.
Within the parallel channel in recent time, we can see that price had bounced from the swing low and NEARLY hit the 61.8% level but didn't quite reach before reversing back into the downtrend. Now we are in the pullback, back towards the 61.8% level we can also see that RSI is at 64.94 which tells us that buyers are currently strongly in control of the market, however soon we expect the market to reverse and continue the downtrend. I will be placing this trade with a 2:1 RISK / REWARD RATIO.
Please let me know what you guys think of this trade set-up :)
Within the parallel channel in recent time, we can see that price had bounced from the swing low and NEARLY hit the 61.8% level but didn't quite reach before reversing back into the downtrend. Now we are in the pullback, back towards the 61.8% level we can also see that RSI is at 64.94 which tells us that buyers are currently strongly in control of the market, however soon we expect the market to reverse and continue the downtrend. I will be placing this trade with a 2:1 RISK / REWARD RATIO.
Please let me know what you guys think of this trade set-up :)
Trade closed manually:
If any of you guys decided to take this position, you would of seen some decent profit if entered at the right time. I closed partially into the trade as I saw price reversing against me and decided to take the profits I had achieved :)