US30 Sell Idea Off Resistance Zone.
Currently in a US30 short trade that is so far going as planned. On the 1H this tp area is possible but unlikely. Price could easily turn around and hit my stop because the trend hasn't fully reversed. I moved stop to BE and am now in a risk-free trade.
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Looking for moving average of 9 and 21 to cross over on 15 to confirm the downtrend.
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Price bounced off the bottom of the support zone, negatively effecting the short position. May hit BE stop loss.
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Sellers have shown resistance to buyers off the bottom of the support zone, which should cause a powerful move downwards past the base of the support zone because of buyers who have been taken out.
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There are some support levels from the previous 1H candles that are just past the base of the support zone drawn. These have to be taken out somewhat swiftly for our main Idea to stay unchanged.
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Trade reached 1 : 5 RR, Stop loss moved to 1 : 1 SL. Profit secured no matter what happens.
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Really bad bullish 5 min candle close. May be a needed rally for continuation downwards.
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The support levels past the support zone got heavily respected which actually prove that the buyers are still strongest.
Had this have broken this would've been a great confirmation for sell continuation.
Had this have broken this would've been a great confirmation for sell continuation.
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SL of 1:1 profit hit. The fact that the selling pressure couldn't push past the previous support levels might actually mean a continuation upward.
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Price basically has bounced off my stop loss. Maybe too early to move my SL into profit because we had not seen a healthy pullback.
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15 Min moving averages of 9 and 21 cross-over completed. Probably the last update as I'm no longer in the trade.
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Lesson learned take profits.
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Price reached 1/3rd of the way to TP so far. The original trade idea was phenomenal, 1:10 RR in 3 hours.