This instrument has met the criteria to short via spot, and this alert was provided in the Discord at close on Friday.
Enter price ~ $298
Target 1 = $207 R/R = 2.99
Target 2 = $90 R/R = 6.89
Runner = $50- R/R = 8.15+
One shouldn’t risk more than 1% of their account on this set-up, and if interested in taking on a position, it could be beneficial to layer into a full position over the upcoming week.
The above 15-day candle chart displays a very unhealthy rise from recent lows, as 9 candles in a row of the same color often suggests a trend is exhausted, this time frame exhibited 12 green candles in a row before two red candles recently appeared.
Last month’s candle closed as a bearish harami combo, and this will require confirmation with this month’s candle. If this combo is confirmed at month’s end, then a short-term top will be in place on this tf. Of interest is the highlighted rectangle – if the white count higher plays out, then a similar collection of corrective candles could begin to unfold.
The weekly close was an indecisive doji and managed to stay within the body of the red candle from 3 sessions prior – this is a great candidate for a Falling 3 methods – suggesting this coming week could be a red candle of similar shape/size as the candle from 3 sessions ago.
The quarterly candle will close at month’s end, and currently it looks like a very weak shooting star candle – IMO, this candle should create a stronger bearish statement on this TF if its intent is to reverse down from here (likely a bearish harami combo with a much more pronounced shooting star candle).
The 10-day candles have been very good at indicating tops (short-term to long-term) by creating bearish engulfing candles at them. Will this time be any different?
The above 5-day candle will close mid-week, and it could offer a very strong indication if this instrument wants to consolidate more sideways or begin to take a more direct route in either direction – currently it is a doji that can morph into anything.
The 2-day candle closed on Friday as a long-legged doji with a bearish harami combo. If this bearish harami is confirmed early next week, then it is another feather in this yellow path’s cap.
Friday’s candle closed as a bearish engulfing candle, suggesting downside is more probable for the near-term.
Short-term EW counts are in the above image; all of the three counts suggest more down-side PA is required to fill out their structures. If/once more down-side PA is observed, then the Stop maybe adjusted to minimize risk to the upside.
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Trading involves risks, and you are responsible for your own trades and decisions. The information provided above is for entertainment purposes only and is not a recommendation to purchase anything related to this instrument or other instruments of similar composition.