Since this trade offers up to potentially a >7 Risk/Reward, it is worth taking. However, the probability is not high of the trade working due to some factors.
The level has held for 22 days on 2 touches.In the short term, we have a downtrend with lower highs in place - increasing pressure on a breakout possibility. As well, the probability of this trade is decreased by quicker selloffs.
The level has held for 22 days on 2 touches.In the short term, we have a downtrend with lower highs in place - increasing pressure on a breakout possibility. As well, the probability of this trade is decreased by quicker selloffs.