Have been trading the ST consolidation channel. Last trade was long off support. Current trade is short off resistance.
Supporting factors:
- Channel resistance held
- Strong bearish price action
- Decent risk/reward
Opposing factor:
- See bullish divergence on RSI on 1D chart below
1D:
Bullish divergence has been building indicating a potential reversal. I expect channel support to be tested again before any significant reversal. Despite my expectations, this trade needs to be managed. Watch price action especially around 112.50 - 112.12 area.
Supporting factors:
- Channel resistance held
- Strong bearish price action
- Decent risk/reward
Opposing factor:
- See bullish divergence on RSI on 1D chart below
1D:
Bullish divergence has been building indicating a potential reversal. I expect channel support to be tested again before any significant reversal. Despite my expectations, this trade needs to be managed. Watch price action especially around 112.50 - 112.12 area.
Trade closed: target reached:
1st TP reached. Took profits before going into the weekend.
