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?
  • 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
Comment: Acc Closed at 1207.95
Trade 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.