Sell below 89.29. Stop loss at 89.46. Take profit at 88.88.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell on major resistance at 89.29 (Fibonacci retracement, major horizontal overlap resistance) for a strong reaction off this level to push price down to at least 88.88 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect a corresponding reaction off this level.
Reason for the trading strategy (technically):
Price has bounced up perfectly and reached our profit target. We prepare to sell on major resistance at 89.29 (Fibonacci retracement, major horizontal overlap resistance) for a strong reaction off this level to push price down to at least 88.88 support (Fibonacci retracement, horizontal overlap support).
Stochastic (34,5,3) is seeing major resistance below 95% and we expect a corresponding reaction off this level.
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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.
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.