Since last month's candle was a bear candle, I am looking for bear moves on the daily time frame such as this one.
Price broke through the moving average. This suggests a possible move even lower.
My pending orders sit at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6, 0.0.
Each order has a stop loss of 30 pips. Risk is less than 2% per trade.
No take profit target is set for this trade. The ways in which I will exit the trade is by stop out, manually closing at my discretion, or holding until the end of the month.
Price broke through the moving average. This suggests a possible move even lower.
My pending orders sit at fibonacci retracement levels 1.0, 78.6, 61.8, 50.0, 38.2, 23.6, 0.0.
Each order has a stop loss of 30 pips. Risk is less than 2% per trade.
No take profit target is set for this trade. The ways in which I will exit the trade is by stop out, manually closing at my discretion, or holding until the end of the month.
Last month was a bear candle, therefore I expect this month to be bearish as well.