cypher at resistance level , the way i trade this if price breaks below close below blue trend line
and rsi 44 breaks below 50 line than i take short position and stops above the previous swing high rather than above x level for better risk to reward. target 1 at 382 and target 2 at 618 level.
or targets taken ...
2* gartley at resistance level , also at 127 extension bigger gartley , ab=cd pattern , bear rsi divergence , price didnt retrace to 38% level on bigger gartley i would consider this as a potential double top formation.
the way i normally take short position is if rsi 14 on 4hr chart breaks below 50 line or rsi 44 ...
price at support zone , 200 extension of last leg up move , x to a leg extension at 141.41 , rsi bull divergence , now iam looking to go long if i get buy signal on rsi 14
stops will be below 131.20 x leg of cypher and targets will be placed once long position is taken.