Technical Trades
Technical Analysis applied to Stocks and Futures.

Risk reward doesn’t favor bullish entry at this time. A drop to intraday support levels of R1 offers a 4% risk setup with logical stop being under today’s low to target an upper channel resistance area. However, considering the double top potential on the daily, the fact it found major bollinger band resistance, and the reaction to the spike, I would pass on that 4% trade zone and stalk for a better setup. I note intraday it’s run up to that yellow SHS neckline resistance area, and shorters are presented with a short setup here with r/r of about 4 (stop over the head to target the full intraday retrace. I am passing because the r/r parameters do not fit my model.