Took this short a couple of hours ago on the second pin bar formation below the black arrow.
Seem to be a lot of sellers in this blue rectangle structure zone .
In this analysis we had an impulsive move down with the succession of strong red candles followed by a small correction into the blue structure zone to close out last weeks session.
Todays gap down closed in a matter of hours and price took us back into this level and formed two bearish pin bars where I took a short entry hoping for another impulsive move to the downside.
Trade is doing pretty decent so far, I am looking for a break of this red trend line to the downside.
P.S. Elliot Wave is something I have just begun to incorporate into my studies so disregard my wave counts on the chart. Any tips on Elliot WT are welcome (:
Seem to be a lot of sellers in this blue rectangle structure zone .
In this analysis we had an impulsive move down with the succession of strong red candles followed by a small correction into the blue structure zone to close out last weeks session.
Todays gap down closed in a matter of hours and price took us back into this level and formed two bearish pin bars where I took a short entry hoping for another impulsive move to the downside.
Trade is doing pretty decent so far, I am looking for a break of this red trend line to the downside.
P.S. Elliot Wave is something I have just begun to incorporate into my studies so disregard my wave counts on the chart. Any tips on Elliot WT are welcome (:
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Stopped out
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