Short based on Clone Levels

i am planning to short this either at 48.6 (with stop loss 49) or 47.63(with stoploss 48.50) - which ever comes first. please have a look at rectangle boxes in red on chart and see the importance of those wicks on candles and see its behavior and the direction it picked after those wicks. i had drawn both long n short examples of those wicks. The current area where the price is now is having the same situation with wicks.it looks like it found the resistance between 48 - 48.50. I would say it this work out then this could become a nice risk reward trade.

Possible directions are shown as arrows on chart

Note: this is not a trade signal. Please do your due diligence before the trade.

评论:

in support of above chart in terms of Renko. i m expecting the last leg of M to start soon( as long as it stays below that 48.50 level). usually the last leg of M gives at least 50-61 percent of the first leg of M as shown in chart on prev M pattern.