Looking to go short here. There could be a bit more upside but IMO the charts look bearish for the following reasons:
1. 4hr 0.618 fibonacci retracement
2. 1HR, 4 HR and daily stoch oversold
3. Daily appears to making a bearish divergence - not yet confirmed
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-)
4. Enter using the 1HR MA crossover and 5 min entry to increase position size whilst keep risk the same
5. Only enter if R:R is 3:1 or more
1. 4hr 0.618 fibonacci retracement
2. 1HR, 4 HR and daily stoch oversold
3. Daily appears to making a bearish divergence - not yet confirmed
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-)
4. Enter using the 1HR MA crossover and 5 min entry to increase position size whilst keep risk the same
5. Only enter if R:R is 3:1 or more
Comment:
Moving my SL to break even - $6900s