The price has played with a weekly pivot point, looks like it has failed to close above it, which can give a good sell signal. I guess, that a lot's of retail traders are trying to sell now, and smart money are Using it, however, trader must stick to the plan and trade. That's why I'm trading with tight stop losses.
For now, I'm placing sell limit at 1.0625, Sell Stop beyond 1.0600
Stop loss above current high, 1.0650
Target 1 at 1.0550, target 2 at 1.0475
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
For now, I'm placing sell limit at 1.0625, Sell Stop beyond 1.0600
Stop loss above current high, 1.0650
Target 1 at 1.0550, target 2 at 1.0475
I suggest to use a “timing” stop (Close if the price will not go in your direction within 3 bars (as an example), all depends on your trading strategy), Sometimes I prefer not to wait till my SL is hit.
