This weeks candle close marked a month of rejection wicks @ weekly zone and 20 day EMA with all bearish closes. Price in a descending channel, tested and rejected at the top trend line twice. Price had found an uptrend line and a support floor on the 4h chart, both of which have been broken with a bb break to the downside and a second candle rejecting back inwards. Total market closed bearish on the week
Stop loss:
- placed back within broken trend line and above previous support floor. Could have a lot of chop due to the weekly continuing to test higher
Take profit:
- down at daily s/r zone and weekly 50 day ema (will act as a natural support)
* trade will be managed discretionally
Stop loss:
- placed back within broken trend line and above previous support floor. Could have a lot of chop due to the weekly continuing to test higher
Take profit:
- down at daily s/r zone and weekly 50 day ema (will act as a natural support)
* trade will be managed discretionally