hello everyone, I hope you have a great day.
ETPUSD
had a great bull run past couple of weeks and gain 300% on this bloody market. that's huge!!
I don't think it continues its downtrend but needs a good rest before next move up.
we can see a divergence in RSI and a decrease in volume in the last move up. on top of that
ETPUSD
now moves in rising wedge that's a bearish pattern.
I personally short at 1.6 with a stop loss at 1.75. this setup has a great r/r so go for it. you can also put a buy stop above the previous pivot high but I think this scenario is very unlikely to happen but we can consider that.
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ETPUSD
had a great bull run past couple of weeks and gain 300% on this bloody market. that's huge!! I don't think it continues its downtrend but needs a good rest before next move up.
we can see a divergence in RSI and a decrease in volume in the last move up. on top of that
ETPUSD
now moves in rising wedge that's a bearish pattern. I personally short at 1.6 with a stop loss at 1.75. this setup has a great r/r so go for it. you can also put a buy stop above the previous pivot high but I think this scenario is very unlikely to happen but we can consider that.
If you like this idea please leave a like and follow me for further ideas.
Feel free to comment we will respond to you asap
ETP broke out of rising wedge. you can make your position risk free by setting the stop loss at your base price.