This instrument has been trending down for the past 6 weeks. Price has pulled back 50% of the move from 111.40 high to a low of 104.60.
Chart below
Price has stalled at 107.60 and a triple top formation is in play.
Price has now broken down through the averages and I am looking to enter a short position with the main trend.
I will enter the trade on a pull back to the averages and fib level with an over bought stochastic.
I may need to adjust these levels as the morning progresses as the pullback is not yet confirmed
Entry and chart below.
Entry: 107.15
Stop: 107.40
Target: 105.90
I will update once the trade is triggered.
Regards
Scott
No comments:
Post a Comment