đź”´High Risk Short
Bearish Market Structure Shift caused by price meeting origin of Daily MSS from Mar04. Trade mapped on the hourly timeframe; focusing on impulsive swing high at $5956.25 that created MSS.
Entry on measured 61.8% fib retracement @ $5914.75.
TP1: $5873.25 (1R)
TP2: $5822.25 (2.25R)
Second take profit level lines up with both 200SMA + bullish 4H channel support, adding confluence to trade idea. It stands to reason price will retest the support of a longstanding bullish channel.
Notes:
•Stops moved to BE once TP1 hit
•Trade is high-risk due to SL having no significant higher timeframe importance.
The reason I’m focusing on this leg of price action rather than the 4H high at $5993.25, is because this hourly high specifically created the higher timeframe MSS. It suggests there’s an unusually high amount of sellers at that level.
Bearish Market Structure Shift caused by price meeting origin of Daily MSS from Mar04. Trade mapped on the hourly timeframe; focusing on impulsive swing high at $5956.25 that created MSS.
Entry on measured 61.8% fib retracement @ $5914.75.
TP1: $5873.25 (1R)
TP2: $5822.25 (2.25R)
Second take profit level lines up with both 200SMA + bullish 4H channel support, adding confluence to trade idea. It stands to reason price will retest the support of a longstanding bullish channel.
Notes:
•Stops moved to BE once TP1 hit
•Trade is high-risk due to SL having no significant higher timeframe importance.
The reason I’m focusing on this leg of price action rather than the 4H high at $5993.25, is because this hourly high specifically created the higher timeframe MSS. It suggests there’s an unusually high amount of sellers at that level.
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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.