Currently short here. This is the 1 hour chart, but be sure to check out other time frames. Bearish divergence at structure. Watch price action for entry. Stop and target levels are a rough estimate as it currently sits and I revisit that often. The stop is solid, but watch price action before exiting.
Check out the invitation link in my profile. We have a small group of experienced traders and we lay out our picks each Sunday and then we contribute throughout the week as things set up. You'll have access to the weekly video analysis there with our other picks as well. Good luck and happy trading
Check out the invitation link in my profile. We have a small group of experienced traders and we lay out our picks each Sunday and then we contribute throughout the week as things set up. You'll have access to the weekly video analysis there with our other picks as well. Good luck and happy trading
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Should have added this comment as well. As far as the stop, I'd only stop out should it show it's going to break the next structure level above. If it looks like it'll respect that level, which I'm very confident it will, that's where I'd place a second entry.
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Adding to position here. Price action is showing signs of slowing and at next level of structure.
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We now have confirmed divergence on the daily at a major structure level. It's extremely overextended at this point. I'll be adding my third and final entry based upon a clear rejection
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Closed on the drop last night around .6238. Had enough entries up top to close with a profit, but definitely got in this one too early. I still believe it will come down further, but will watch for the next setup.