I had the same idea last week, but the bullish move continued. My trade therefore did not trigger and I abandoned the idea. Price is now being held below the 200dma. Exercising the same caution due to low liquidity holiday period, I an looking for a short on the following basis:
Risk – 50% of your normal.
Entry – below the low of Fri candle (& below the resistance at 164.50).
Stop – above the recent high.
Target – above the next support at 155.80
Risk – 50% of your normal.
Entry – below the low of Fri candle (& below the resistance at 164.50).
Stop – above the recent high.
Target – above the next support at 155.80
If the stop gets hit before I get an entry, I will cancel the order.
This is not a trade recommendation, merely my own analysis. If you decide to trade this, you should be aware that trading carries a high level of risk, so only trade with money you can afford to lose. Please use sound money and risk management, trading without a stop or moving the stop away from price is a recipe for disaster.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
It’s not whether you are right or wrong, but how much money you make when you are right and how much you lose when you are wrong – George Soros
