If price action depicts a loss of momentum at the level of major resistance I could be looking for my first possible sell opportunity. Price could break past it and consolidate once more before heading to the downside in what I think will happen. Two sell opportunities could possible happen. The observation to be aware of is some kind of formation at the major resistance level to determine the next move. If price action signals a downside move I.E. bearish engulfing, variation, etc. then it seems reasonable to take a sell position. If price does break below consolidation sell opportunity #2 could play out as well if price retraces back up to monthly key level. Overall this forecast is an ideal vision of possible trade set ups. I would set an alert at these levels to speculate a possible move.
Good luck traders!
Trading Journal #13
- Austin S.
Good luck traders!
Trading Journal #13
- Austin S.