As indicated on the chart we can see the formation of an Ascending Wedge pattern and consequently the potential formation of a Bearish 3 Drive Pattern at a confluence with a major resistance level - specifically the 54.50 which would also serve as my entry point.
My personal details:
Short @ E: 54.50, TP: 50.28, SL: 56.00, RR: 2.75
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Trade safe and implement your own due diligence before executing a trade.
My personal details:
Short @ E: 54.50, TP: 50.28, SL: 56.00, RR: 2.75
For risk and money management purposes, always determine a max. of 2% risk on every trade.
For example on a $50,000 account, this would be equivalent to 1,25 Lots with an 80 pip stop loss.
Targets and closure of positions may be subject to alteration throughout the course of the trade. This is due to the ever-changing and unpredictable nature of the market.
This post is set to be used and serve as an example and in an educational manner and is not to be taken as direct investment advice.
Trade safe and implement your own due diligence before executing a trade.
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other possible scenario...target entry remains the same
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flat correction in play? time for a short? ...looks promising, pay close attention at the price action
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wedge within a wedge. one more retest up is a possible scenario otherwise it should come crashing down
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