M&M Possible Short with the Higher Time Frames Support

Monthly gives a clear bearish picture as price has fallen drastically from Aug 2018 to Aug 2019. Then, it has made a shallow bounce back to test the support turned resistance zone. In the weekly, a good upper wick rejection is made at weekly resistance last week which gives a weak bias. Similar story is with Daily, price rejected Weekly zones with big red candles. However, the trend is in daily is still bullish and we need to wait for a break in Trend line, 50EMA and preferable monthly zone to confirm a bearish stance and enter the trade short with SL of 625.

Trade attivo:

Sold at 580 today with a TL break confirmation

Trade chiuso: obiettivo raggiunto:

1:1 met. Exited