Bearish Trend Continuation
Updated
Hi Traders,
I hope you enjoyed your weekend!
GJ is potentially going to continue its bearish movement as of late. Price action is well below the 100H MA and is testing the trend line I've drawn on the chart on the 1H time frame. Also, the 15M chart shows a double top test of the trend line and price action has now closed below and retested the neckline of the double top, which lends additional confluence and provides another opportunity to get involved in the trade. I'm trading this in three positions. The remaining two profit targets are indicated by the horizontal rays on the chart.
Good luck to those who decide to get involved in the trade or those who are already short!
Paul
I hope you enjoyed your weekend!
GJ is potentially going to continue its bearish movement as of late. Price action is well below the 100H MA and is testing the trend line I've drawn on the chart on the 1H time frame. Also, the 15M chart shows a double top test of the trend line and price action has now closed below and retested the neckline of the double top, which lends additional confluence and provides another opportunity to get involved in the trade. I'm trading this in three positions. The remaining two profit targets are indicated by the horizontal rays on the chart.
Good luck to those who decide to get involved in the trade or those who are already short!
Paul
Note
Correction -100H MA should read 200H MA!
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