We see price has blasted through recent outside returns/ structure, and I'm starting to form a bearish bias on the hourly. The most recent pop affords us an opportunity to hop on the way down.
What was frustrating was, I couldn't get my stops above the recent swing without blowing up my maximum risk on the trade. I elected to employ a 2 ATR stop above the tip of structure at the left leg of the Double top where RSI originally went overbought. I will roll my fib targets if we go higher.
Benny Manieri
Trade active
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Currently short
Trade active
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We broke structure to the upside, so I'm adjusting targets by rolling my fibs. This increases win percentage but frigs up the original forecasted risk/reward profile.
Target one is at the .382 retracement, about 103.952. Target two is now at the .618 retracement, about 103.414
Trade closed: stop reached
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Hit our stops. Name of the game folks. Until next time.....