1D chart is showing a retrace but where will it bounce?

21 Jul 2018

A 1D chart perspective.. showing a retrace before another leg up, but the question is where will it it bounce? Oscillators overbought, price action tested resistance. If we get a bounce of one of these fib levels, this should pick up momentum. We need to break through this current trading range and if so I believe the trend reversal would be pretty much confirmed. I've entered a short on this red candle with a stop loss slightly above the previous high. Risk management is King, dont set stop losses too tight and give yourself a chance.. not financial advice.