Hey Guys, hope you are all doing well. I've been away for the past few days, but I'm back now with full force.
Welcome to today's trade as a part of "Aglogains - Daily Trade Series".
The price broke out of the price the ascending triangle pattern to the downside. The RSI has also been showing weakness for the past few candles in the 1HR time frame.
Taking these two conditions we have entered a short position at 3252.
I'm following a new techniques of trading triangle patterns where the expected move should be equal to or greater than the breadth of the triangle. In our case it is around 120 points.
But there is a resistance at 3200 - 3195 so I would look to book some profits at this levels or watch how the price behaves at this level closely.
Entry: 3252
TP: 3152 (100 points, since my entry was after 20 points, and I'm expecting a 120 point move.)
SL: 3282 (30 points)
Will keep you posted on the progress.
Welcome to today's trade as a part of "Aglogains - Daily Trade Series".
The price broke out of the price the ascending triangle pattern to the downside. The RSI has also been showing weakness for the past few candles in the 1HR time frame.
Taking these two conditions we have entered a short position at 3252.
I'm following a new techniques of trading triangle patterns where the expected move should be equal to or greater than the breadth of the triangle. In our case it is around 120 points.
But there is a resistance at 3200 - 3195 so I would look to book some profits at this levels or watch how the price behaves at this level closely.
Entry: 3252
TP: 3152 (100 points, since my entry was after 20 points, and I'm expecting a 120 point move.)
SL: 3282 (30 points)
Will keep you posted on the progress.