Good evening traders, I am looking to SELL for few reasons:
1. Support has been considerably broken by some distance
2. There is a double top confirming the bulls have run out of steam and they need let the bears in before making another move up.
3. The market finished its distribution stage after an uptrend.
I have 2 potential entries in mind: 1700 for the aggressive trader and if you are a bit more conservative 1710 on the resistance line with the SL quite a distance as you can see in my drawing. The reason for the stop is because the market is very volatile and most of the times SL set just above resistance lines are easily taken out by a long candle wick before making the move that you expect.
Use proper position sizing and manage your risk!
1. Support has been considerably broken by some distance
2. There is a double top confirming the bulls have run out of steam and they need let the bears in before making another move up.
3. The market finished its distribution stage after an uptrend.
I have 2 potential entries in mind: 1700 for the aggressive trader and if you are a bit more conservative 1710 on the resistance line with the SL quite a distance as you can see in my drawing. The reason for the stop is because the market is very volatile and most of the times SL set just above resistance lines are easily taken out by a long candle wick before making the move that you expect.
Use proper position sizing and manage your risk!
Rule 1. Do not lose your money by taking guesses
Rule 2. follow rule 1