setup i might take this week. nice double top in structure on the 1hr for a trend continuation trade.
target 1- 1.618 inverse expansion
target 2- 1.27 expansion
sl 10 pips above highest high of double top
if you want to take it maybe wait for a better entry for better r/r. market clearly closed at a 61.8 of the move up creating the double top. so i do expect some confused bulls to jump in and drive the market up before they realize this is a sellers market until we get to my proyected demand zone. regardless a good setup. this is a minor resistance zone and i do not expect much buying pressure here. look for a retest to neckline of the double top for better entries as it falls into a 38.2 of the move down after it was put off
target 1- 1.618 inverse expansion
target 2- 1.27 expansion
sl 10 pips above highest high of double top
if you want to take it maybe wait for a better entry for better r/r. market clearly closed at a 61.8 of the move up creating the double top. so i do expect some confused bulls to jump in and drive the market up before they realize this is a sellers market until we get to my proyected demand zone. regardless a good setup. this is a minor resistance zone and i do not expect much buying pressure here. look for a retest to neckline of the double top for better entries as it falls into a 38.2 of the move down after it was put off
Transaction en cours:
market gapped. better r/r
Ordre annulé:
trade was cancelled because maket did not reach a 38.2 when it put off a double top. put off the double top right below. also market is putting off an expanding triangle. regardless of the triangle though, trade setup didnt meet my requirments since it never even reached at least fibonacci prz, 38.2 sits right below my stops here though and right above the double top.
David K Giraldo