Script shows bearish momentum with series of LHs and LLs. The trendline shows price respect the resistance level. Entry is taken at CMP with STOP LOSS at strong daily resistance. What do you think, will this idea work?
Price has been in a downtrend and is now in a descending wedge pattern.
Entered at 1.45993
Stop loss set at 1.46921
Take profit 1 at the 50% retracement and previous minor structure: 1.45066
Take profit 2 near the extreme of previous structure: 1.43616
If TP 1 is hit I will roll stop loss to break even for a risk free trade.
