This market has been very unstable and hasnt given us a clear directinal bias to where it is heading for the fututre. However, recent price action has shown us that we have created somewhat a head and shoulders pattern and are finding ourselves to be at a range resistance level. As well as this, the past 2 daily candles have shown bearish activity and a rejection of higher prices.
I will take this as a simple 1:3 risk to reward trade depending on how fast this market moves, I may even extend my profit target and trail my SL and make the trade risk free, only time will tell.
Good luck on the charts if you choose to take this trade :)
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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.