Many people will turn bearish here, I'm incredibly scared of taking this trade myself, so I'll try to short today's 50% retracement to enter risk free. I still want to try this.
The setup is to buy the retracement, as low as it gets, while above the mode.
There's also a range expansion bar in both weekly and monthly timeframes that gives us a chance of buying below the 50% retracement from open to high (use the true range 'open') to take profits at the retest of the high of said bars.
In this case, this is extremely dangerous considering the daily chart, but worth a small 0.1-0.2% shot.
See the comments for the daily short setup and more information about the downtrend target and the rgmov readings.
Good luck!
Ivan.
The setup is to buy the retracement, as low as it gets, while above the mode.
There's also a range expansion bar in both weekly and monthly timeframes that gives us a chance of buying below the 50% retracement from open to high (use the true range 'open') to take profits at the retest of the high of said bars.
In this case, this is extremely dangerous considering the daily chart, but worth a small 0.1-0.2% shot.
See the comments for the daily short setup and more information about the downtrend target and the rgmov readings.
Good luck!
Ivan.
