Looking to go short here. I'm not as confident as I previously was because it looks like we may be hitting some support. However, IMO the charts look bearish for the following reasons:
1. 4hr 0.6 fibonacci retracement
2. 4 HR stoch oversold
3. Price sitting under 200MA and failing to make a higher high
4. Coronavirus appears to be picking up speed in the US
If this trade goes my way I'll be looking to TP at the levels indicated. However - if we don't get a 4HR 2/20 moving average crossover shortly then i may pull this trade. I'll update later today if i haven't been stopped out before.
**TRADING STRATEGY RULES**
1. Only trade with the trend - establish HHs and LLs or another easier system is: when the price is under 200MA look for short opportunities, when above look for long opportunities
2. Wait for a 4HR 0.5/0.6 fibonacci retracement
3. 4 hr stochastic must be overbought/sold (90+ or 10-)
1. 4hr 0.6 fibonacci retracement
2. 4 HR stoch oversold
3. Price sitting under 200MA and failing to make a higher high
4. Coronavirus appears to be picking up speed in the US
If this trade goes my way I'll be looking to TP at the levels indicated. However - if we don't get a 4HR 2/20 moving average crossover shortly then i may pull this trade. I'll update later today if i haven't been stopped out before.
**TRADING STRATEGY RULES**
1. Only trade with the trend - establish HHs and LLs or another easier system is: when the price is under 200MA look for short opportunities, when above look for long opportunities
2. Wait for a 4HR 0.5/0.6 fibonacci retracement
3. 4 hr stochastic must be overbought/sold (90+ or 10-)
Comment:
I'm moving my SL early on this one, my entry was 6400s. I'm not too confident, price seems to be holding up. Ideally we're looking for a 2/20 MA crossover to occur on the next candlestick close
Comment:
As i wrote that price began to push down at the low 6200s. We'll see how much support there is down here. SL has been moved to break even.
Trade closed: stop reached:
Stopped out at break even