Hello traders!
Update on my previous idea: I took profit early on my long at 104, below my final target. The result is added to the original idea with “Update idea”.
Why my view changed: Price made a double top at 105.00 and has started to drop from it.
Long scenario: The bigger structure is still making higher highs and higher lows. If price holds above the double top and makes another higher high, I have no short.
Short scenario: I look to sell inside the sell zone, 102.9 to 104.5.
Entry: inside the zone. I am not giving an exact level this time.
Stop: 105.6, above the double top.
Target: the lower median line.
The cue: Before the double top, price formed equal highs (the area I marked as active sellers). Then it broke the equal lows, rose, and made the double top. I can’t fully explain why, but it is only a minor cue, not a confirmation.
The edge: The liquidity is below. If the double top fails, price can travel far because of the higher lows underneath. Those higher lows can still hold as support. They can also become fuel for price to keep falling.
Invalidation: If price accepts above 105.00 and reaches my stop, this idea is wrong. If price falls without entering the zone, I have no trade. Chasing the market doesn’t count as the same setup.
Update on my previous idea: I took profit early on my long at 104, below my final target. The result is added to the original idea with “Update idea”.
Why my view changed: Price made a double top at 105.00 and has started to drop from it.
Long scenario: The bigger structure is still making higher highs and higher lows. If price holds above the double top and makes another higher high, I have no short.
Short scenario: I look to sell inside the sell zone, 102.9 to 104.5.
Entry: inside the zone. I am not giving an exact level this time.
Stop: 105.6, above the double top.
Target: the lower median line.
The cue: Before the double top, price formed equal highs (the area I marked as active sellers). Then it broke the equal lows, rose, and made the double top. I can’t fully explain why, but it is only a minor cue, not a confirmation.
The edge: The liquidity is below. If the double top fails, price can travel far because of the higher lows underneath. Those higher lows can still hold as support. They can also become fuel for price to keep falling.
Invalidation: If price accepts above 105.00 and reaches my stop, this idea is wrong. If price falls without entering the zone, I have no trade. Chasing the market doesn’t count as the same setup.
Note
Target reach, hope you guy could get in
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.