1. Downtrending market in the higher time frames - look for short opportunities.
2. Downtrending market in the daily time frame - look for short opportunities.
3. Descending triangle base pattern being formed since the end of Jan 2024 - the short opportunity.
4. 2 above average sized bearish candles formed at the edge of the triangle - the trigger.
5. No bullish reaction - the trigger.
TRADE:
1. Entry: Short at market
2. SL : Buffer for a retest and definite proof the idea is wrong above the upper top of the triangle base - 31.60usd region.
2. Target: Follow the trend. Either a break of structure, a cut and close above the 50 EMA or a EMA crossover as exit trigger.
Cheers,
RR
2. Downtrending market in the daily time frame - look for short opportunities.
3. Descending triangle base pattern being formed since the end of Jan 2024 - the short opportunity.
4. 2 above average sized bearish candles formed at the edge of the triangle - the trigger.
5. No bullish reaction - the trigger.
TRADE:
1. Entry: Short at market
2. SL : Buffer for a retest and definite proof the idea is wrong above the upper top of the triangle base - 31.60usd region.
2. Target: Follow the trend. Either a break of structure, a cut and close above the 50 EMA or a EMA crossover as exit trigger.
Cheers,
RR