Stay calm when reading the charts; the key to finding easy gains is first getting the market structure right. $TUT On the four-hour chart, price is below a cluster of stacked moving averages, and the bearish trend structure remains intact. On the one-hour chart, price is also trading below the moving averages, with sellers in control according to the short-term ADX.
At this point, I’d rather wait for a rebound to the resistance zone before considering a short than chase the downtrend. There is indeed a risk of a rebound: price is far from the moving averages and could easily pull back. But the combination of a bearish four-hour alignment and an overbought correction on the one-hour chart makes me more inclined to treat a pullback as a chance to position, rather than a reversal signal.
🔴 Trade direction: Short
📍 Entry range: 0.0166983 – 0.0167457
🛑 Stop loss: 0.0172215
🎯 Take profit 1: 0.0163473
🎯 Take profit 2: 0.0160975
🎯 Take profit 3: 0.0157228
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Trade alongside Uncle Xiong and witness the ups and downs of the world.
#TUT
Click below to trade 👇
At this point, I’d rather wait for a rebound to the resistance zone before considering a short than chase the downtrend. There is indeed a risk of a rebound: price is far from the moving averages and could easily pull back. But the combination of a bearish four-hour alignment and an overbought correction on the one-hour chart makes me more inclined to treat a pullback as a chance to position, rather than a reversal signal.
🔴 Trade direction: Short
📍 Entry range: 0.0166983 – 0.0167457
🛑 Stop loss: 0.0172215
🎯 Take profit 1: 0.0163473
🎯 Take profit 2: 0.0160975
🎯 Take profit 3: 0.0157228
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Trade alongside Uncle Xiong and witness the ups and downs of the world.
#TUT
Click below to trade 👇