A smooth short sell story
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Here, you can see the selling has commenced on the first breakout of the inner bullish trend line (pink) and it continues to go south without any retracement.
When it hit the main bullish trend line (green), it did not rebound as well but continue to head south beautifully.
Thus, the highest risk reward ratio is selling at the pink line followed by the green one.
If you short now, you can see there is some support at 0.615 and likely to retrace to 0.620 to 0.621 level before it breaks down again (if it breaks).
It is unwise to assume that upon breakdown, the price action would retrace to give traders a chance to come in.Sometimes, as in this case, once you missed it, you have to wait a while longer before you can get in. So, you need to assess the risk yourself, how much far down you think it gonna head down and is it worth trading it. If not, do not force your trade or jump in without much thought and expect to make a profit immediately.
The time to take for the price to move in your favor (if you are in the right trend) will be the opportunity cost that you have to forgo on other promising pair.
Like a cheetah hunting for its prey among the pack, he has to be focus and identify the weakest one. Once his target is set, he does not waiver till he catches the prey. Halfway, he does not jump ship and goes after another prey but lock down his eyes on that one prey only.
We too must learn the hunting spirit of a cheetah, staying focus and seeing it through !
We want to be productive in our trades , not just frantically getting busy and ends up with no reward , all sweat but no yield.
When it hit the main bullish trend line (green), it did not rebound as well but continue to head south beautifully.
Thus, the highest risk reward ratio is selling at the pink line followed by the green one.
If you short now, you can see there is some support at 0.615 and likely to retrace to 0.620 to 0.621 level before it breaks down again (if it breaks).
It is unwise to assume that upon breakdown, the price action would retrace to give traders a chance to come in.Sometimes, as in this case, once you missed it, you have to wait a while longer before you can get in. So, you need to assess the risk yourself, how much far down you think it gonna head down and is it worth trading it. If not, do not force your trade or jump in without much thought and expect to make a profit immediately.
The time to take for the price to move in your favor (if you are in the right trend) will be the opportunity cost that you have to forgo on other promising pair.
Like a cheetah hunting for its prey among the pack, he has to be focus and identify the weakest one. Once his target is set, he does not waiver till he catches the prey. Halfway, he does not jump ship and goes after another prey but lock down his eyes on that one prey only.
We too must learn the hunting spirit of a cheetah, staying focus and seeing it through !
We want to be productive in our trades , not just frantically getting busy and ends up with no reward , all sweat but no yield.
Note
nice retracement, now wait for breakdown
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