Trade Idea
Broken out of the channel formation to the downside.
A mild correction has been posted from yesterday’s low, this is seen as a retest of the breakout level.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 7500, resulting in improved risk/reward.
Stop: 7570
Target 1: 7160
Target 2: 7000
Broken out of the channel formation to the downside.
A mild correction has been posted from yesterday’s low, this is seen as a retest of the breakout level.
The bearish engulfing candle on the 4 hour chart is negative for sentiment.
Negative overnight flows lead to an expectation of a weaker open this morning.
Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 7500, resulting in improved risk/reward.
Stop: 7570
Target 1: 7160
Target 2: 7000
Note
Trade triggered.Note
Moving the stop to 7615 - Just above the high of the session.Note
***7515
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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.