The weekly timeframe posted a huge bearish reversal candle to change the direction of the current trend so am expecting some weakness lower
Daily chart has had to days of big falls and today and produced a bearish pin bar candle as well. theres a lot off niggly support areas but the one im looking at next is the 8669 area which is clear on the weekly chart
The trend is not in our favour on the daily/weekly timeframes which makes this a risky trade but the bearish movement makes the play tempting. 9ema and 21ema have also crossed down on the daily chart which suggests a possible shift in trend. As the stop isnt too big and a potential 2.5/1 risk reward on offer, i'll play the order game here again. 50% retrace of todays daily candle to enter
ENTRY: 8778
STOP: 8822
LIMIT: 8668
RISK/REWARD: 2.5/1
looking pretty bullish today but 4hr trend is still down. not too confident about this one but stop is near a support level. if this goes, im likely to be stopped out
ReplyDeletemade a bit of a mess witht his trade, mainly due to platform i use. it got to within 3 pips of my limit then turned. Ended up bailing for 29 pips profit in the end, bit disapointing
ReplyDelete