The previous chart I shared on this instrument was the abc set-up that works pretty good most of the time. That being said, there is no kind of guarantee that price will move as mentioned. Always use equity stop losses that are realistic and ultimately at previous high or lows. Then manage the risk properly, use trailing stops or do soft profit taking at previous key support/resistance levels.
The last abc setup that didn't go as expected, ended up as a potential harmonic bat pattern.
This setup, which also did not go as expected, turned out to be a bearish butterfly pattern, by Larry Pesavento.
This confirms the methodology I have shared for the particular abc setup, which is giving a short term bearish bias.
Bearish divergence on hourly timeframes
Strong rejection at D point, alot of bearish candles to confirms bearish strength.
Meanwhile RSI strength is fading and showing signs of weakness.
I am going to wait for a pullback and sell short for a quick scalp if price happens to find resistance below 1515 hoping for some extended targets at 127% or 162% XAD projections. More optimistic targets can be up to 262% projections.
As always thank you for all the support, please keep it coming with a like and if you have any ideas make sure to leave them in the comments below
Dont forget to check the related ideas below
The last abc setup that didn't go as expected, ended up as a potential harmonic bat pattern.
This setup, which also did not go as expected, turned out to be a bearish butterfly pattern, by Larry Pesavento.
This confirms the methodology I have shared for the particular abc setup, which is giving a short term bearish bias.
Bearish divergence on hourly timeframes
Strong rejection at D point, alot of bearish candles to confirms bearish strength.
Meanwhile RSI strength is fading and showing signs of weakness.
I am going to wait for a pullback and sell short for a quick scalp if price happens to find resistance below 1515 hoping for some extended targets at 127% or 162% XAD projections. More optimistic targets can be up to 262% projections.
As always thank you for all the support, please keep it coming with a like and if you have any ideas make sure to leave them in the comments below
Dont forget to check the related ideas below
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