Price is trying to fight a resistance level but seems to have less and less buyers involved, reason why we see the BBP divergence. RSI diverges in the same way so a downward move is more likely than a move to the upside.
I would enter this opportunity @ market with
SL > 0.6470
TP 1 = 0.6370 (0.382 retracement of last move up)
TP 2 = 0.6320 (0.618 retracement)
TP 3 = 0.6280 (0.786 retracement and Bullish Cypher completion)
Once 0.382 target is reached (and neck line of double top is broken) we might see a 2618 pattern emerge ... where price retraces to the 0.618 of the move down. This offers another opportunity to go short.
The Reward/Risk ratio for this trade is quite favorable with a 2/1 ratio for the first target.
I would enter this opportunity @ market with
SL > 0.6470
TP 1 = 0.6370 (0.382 retracement of last move up)
TP 2 = 0.6320 (0.618 retracement)
TP 3 = 0.6280 (0.786 retracement and Bullish Cypher completion)
Once 0.382 target is reached (and neck line of double top is broken) we might see a 2618 pattern emerge ... where price retraces to the 0.618 of the move down. This offers another opportunity to go short.
The Reward/Risk ratio for this trade is quite favorable with a 2/1 ratio for the first target.
Trade fechado: stop atingido:
Price action decided otherwise ... So looking for the next opportunity :)
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