Setup: Daily Descending Channel
Trigger: When price break above 8100
Stop: 8290
Take profit: 7550 (RR 2:1)
Scale out 1/3 at first support level at 7650
1/3 out at 7550
1/3 out at 7150 (RR: 3.3)
Hypothesis supported by low relative volume on green bars.
Sellers in control.
Prepared to stop out or take losses earlier if relative volume increases.
Trigger: When price break above 8100
Stop: 8290
Take profit: 7550 (RR 2:1)
Scale out 1/3 at first support level at 7650
1/3 out at 7550
1/3 out at 7150 (RR: 3.3)
Hypothesis supported by low relative volume on green bars.
Sellers in control.
Prepared to stop out or take losses earlier if relative volume increases.