Change of direction, ready for spring pattern to the downside

7 Jul 2021

We can see that price has moved up to take out liquidity, then move aggressively to the downside. This means that the trend is likely reversing to the downside.
This looks like the top of the rising wedge and we could be seeing the start of the down move; taking out the lows along it's way and fueling price to the downside.
I say fueling because it will be taking out the stops of everyone along it's way.

We can also see the RSI that has dropped below the trendline witch was formed by the start of the the pattern (rising wedge)

Personally one of my best setups

7 Jul 2021

Nota

Update: moved my stop higher for a bigger RR potential because a tighter range has formed in the favour of the trade direction

9 Jul 2021

Dagangan aktif

Second entry possibility on the retest of the trendline:

9 Jul 2021

Nota

^^ If we look at the 15min timeframe, we can see that it is in conversion with the rejection of the last POC level

13 Jul 2021

Dagangan ditutup secara manual

On reviewing the initial setup, the setup was not AAA grade because we didn't see as much of a tightening before the dump. So for there was not as much selling pressure building up, thus the move was not as pronounced as I originally expected. For future reference / note, I should be taking profits sooner when this happens. :)