After ranging the price closed below the daily support, on the 4HR it is forming a double top and the neckline is also the FIB 0.618 of the retracement. I think that if the 4HR candle closes below the neckline price might go down further.
I will wait for the candle close below and then sell on the retrace. R:R for TP 1 and moving stop to BE is 1:1 and 1:2.2 for TP 2. Should price reach the 1.673 range without retracing I will consider this setup invalid.
This is not a signal, I am still learning and any feedback would be greatly appreciated.
Thanks
I will wait for the candle close below and then sell on the retrace. R:R for TP 1 and moving stop to BE is 1:1 and 1:2.2 for TP 2. Should price reach the 1.673 range without retracing I will consider this setup invalid.
This is not a signal, I am still learning and any feedback would be greatly appreciated.
Thanks