Trend Following - Shorting A Rally - Risk/Reward 1:6
Trading Philosophy - Trend Following
Trading Strategy - Shorting a Rally in The Downtrend.
Trading Set-up - Retracement - Resistance - Chart Pattern
Entry - Short at 1210
Stop-loss 1257
Target 974
Risk/Reward 1:5
Why short?
How I Set Stop-loss - Price broke the previous swing high, and trading below that level. Today's high is 1257, set as a stop-loss.
How I Set Target - Expecting to price to resume the primary trend and may take a deep retracement at 0.78% of this counter-rally which is at 974.
50% Retracement & Anticipating Double Top Chart Pattern
Support Becomes Resistance or Supply Zones
Trading Strategy - Shorting a Rally in The Downtrend.
Trading Set-up - Retracement - Resistance - Chart Pattern
Entry - Short at 1210
Stop-loss 1257
Target 974
Risk/Reward 1:5
Why short?
- Price retraced to 1237 (0.50%) of its previous swing. (1579.60 to 895.15)
- Price is trading in Resistance Zone.
- Anticipating price action making a double top chart pattern.
How I Set Stop-loss - Price broke the previous swing high, and trading below that level. Today's high is 1257, set as a stop-loss.
How I Set Target - Expecting to price to resume the primary trend and may take a deep retracement at 0.78% of this counter-rally which is at 974.
50% Retracement & Anticipating Double Top Chart Pattern
Support Becomes Resistance or Supply Zones
Trade active
Note
Acc Closed at 1207.95Trade closed: stop reached
ACC went to 1125 from 1210 levels, And now it's Stop-triggered. In Trading, Trade Management is more important than technical analysis and trading itself.
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