Reason to short 1. LL,LH pattern 2. Downward momentum RSI Things to wait for 1. Waiting price to retrace back to horizontal resistance level - around 140.35 Cheers!
Reason to go short 1. HH,HL patterns broken 2. 1.8650 level was considered the last defend line for uptrend move but was broken 3. Price retraced back to previous lower high level at around 1.8920. 4. RSI confirmation not clear. 5. From Point 1 to 3 indicated possible downtrend continuation even with the absent of confirmation from RSI Stop loss - Recent high...
Reason look to short 1. RSI no confirmation, but 2. PA LH,LL pattern still valid, technically should look for short instead of long which counter trend. Unless previous high level 1.4775 being breakout. Otherwise only go for short.
Reason not to go short because RSI was indicated strong upward momentum. For educational and record purposes.
Refer back to my post on 11 Dec, overall trading perspective no change and still valid but trading plan changed. Trailing stop loss to 0.9260 based on inside bar developed 2 to 3 days ago. This level will be the higher high of the mother bar. Then scale in 50% of the original trading lot size. But, risk the same dollar of amount as previously with larger profit...
Referring back to my post on 11 Dec. All the waiting confirmation points met. Reason not open trade on 19 Dec with a tailed bar because the PA signal I felt that no strong enough plus FED rate announcement on 20 Dec. But yesterday big bearish candle closed seems to confirm that selling momentum is back and strong. Short trade opened with a large stop loss at...
Short with the following reasons 1. Weakening RSI spotted 2. Price seems to stuck at trendline resistance area after 2 attempts to breakout but unsuccessful Aim the 1st target at the lower area of big triangle pattern. About 2.2R for 1st target.
RSI is strengthening over past few months but price is hitting lower low. In this instance, in order to trade with RSI indicator, a confirmation from price action will be needed. The short term downtrend line drew has to be broken before we can look for long opportunities. Cheers!
Looking short with the following reasons 1. Bigger picture showed LL,LH structure. 2. Price retraced strongly to previous high level, unless the previous high level being broken otherwise maintain bearish bias. Green box is a area that will look for short opportunities.
Re-enter after trade opened on 11 Dec closed due to stop reached. Reason to re-enter 1. Overall picture still the same as previously highlighted. 2. Price now reaches support zone of uptrend line. 3. RSI upward momentum still look valid. Stop loss at at least 1 ATR. Cheers!
Re-post with proper drawing for Entry Level and Stop Loss. 1st target about 4.69R.
Waiting confirmations to short 1. RSI upward line broken 2. PA lower low point occurred 3. PA uptrend line broken
Please refer to chart text for my analysis notes.
Please refer to my chart text for analysis notes.
Please see chart text for analysis notes.
Reasons for short 1. LL,LH still in play 2. Price retest price high level (resistance level) 3. RSI momentum changed from upward to downward 4. Overbought RSI condition noted 1st target about 3.14R.
Analysis document refer to chart text.