After a strong sell-off, I think we may be due for a bounce in the short term. This is a quick scalp play, as it wouldn't be unreasonable to test the mid-range once more before continuing lower.
Overall trend is bearish, and this is an aggressive, high-risk countertrend play. The orange lines 2/3 of our Take Profit points, in case we don't reach the top of the channel. The second TP is placed in the golden pocket and the final target at the red line would be the 50% EQ.
This would be traded with small size. Let's see how this goes.
Overall trend is bearish, and this is an aggressive, high-risk countertrend play. The orange lines 2/3 of our Take Profit points, in case we don't reach the top of the channel. The second TP is placed in the golden pocket and the final target at the red line would be the 50% EQ.
This would be traded with small size. Let's see how this goes.
Trade closed: target reached:
Trade closed. Price hit around $7,450 and we seem to be doing the bearish retest I mentioned. Down we go.