Prior 8-day resistance of 3690 has been broken, now being tested as support - it also lines up with the .5 fib line in the larger structure. Predicting a bounce off support to test the diagonal resistance. May form something like an ascending triangle in the short-term, potentially breaking the resistance to reach 3900.
Have a conservative long set to 3775. Will ladder some of the sell orders up to 3900 as well.
Stop-loss set about 1% below entry at 3660. May pull down to 3630 to make sure I allow this trade to play out.
Have a conservative long set to 3775. Will ladder some of the sell orders up to 3900 as well.
Stop-loss set about 1% below entry at 3660. May pull down to 3630 to make sure I allow this trade to play out.
Trade closed: stop reached:
Just to update on this trade, it hit my stop-loss for 1.5% loss. The Bart forming as soon as I entered made me very bearish, so I'm glad I could get out when I did - especially considering that downtrend didn't reverse until 3300.