Potential upside if the high of Tuesdays candle gets breached. Will be very safe on this one as there is not enough information yet confirming upside.
Trade setup based on a daily bearish kangaroo tail ( aka pin par )
Price pattern occurred on a weak S&R zone. Not expecting a big move to the downside to happen yet.
3rd hit to the Low of the Month is likely before another potential big move to break Yearly highs, Then the big drop.
If not it may fall from here.
Sell Stops below the Low of today's daily candle
Poor Risk to reward on the first trade because of a potential bounce...
Potential drop off of the daily Pin Bar.
will watch what happens once it reaches the initial low of October.
if it fails to break initial low then we could buy again. If not then it could break through
Will place buy stops a few pips above the high of this daily candle.
If stop losses don't get taken out then will move to break even on second trade after first trade hits TP
RR profile of first trade is poor but an average RR profile usually means a higher win rate.
Structure also tells us we going up with a Higher High and a Higher Low formed
Not risking more...