Hey everyone!
We do have a new setup for the challenge!
If we look at the daily chart, we can observe the market showed a bullish phase followed by a range phase, or distribution phase according to Wyckoff. In my opinion, this presents a great overall market condition for sell setups.
Then, while checking out the H4 chart we noticed a double top formation, followed by a recent strong bearish rejection, effectively breaking the bullish trendline that formed in this time-frame. Because of those reasons, I decided to enter into a short position here.
Regarding the trade management, I placed the stop loss about 1 ATR above the last high made on the double top formation, and the first take profit is located at the bottom of the daily range. As usual, the second target is open, as if the market ends up breaking the daily range we can be set for a nice bear ride.
I hope you enjoyed this new trade idea! Remember to follow me so you can keep up with the challenge progress:D
We do have a new setup for the challenge!
If we look at the daily chart, we can observe the market showed a bullish phase followed by a range phase, or distribution phase according to Wyckoff. In my opinion, this presents a great overall market condition for sell setups.
Then, while checking out the H4 chart we noticed a double top formation, followed by a recent strong bearish rejection, effectively breaking the bullish trendline that formed in this time-frame. Because of those reasons, I decided to enter into a short position here.
Regarding the trade management, I placed the stop loss about 1 ATR above the last high made on the double top formation, and the first take profit is located at the bottom of the daily range. As usual, the second target is open, as if the market ends up breaking the daily range we can be set for a nice bear ride.
I hope you enjoyed this new trade idea! Remember to follow me so you can keep up with the challenge progress:D
