The market is currently bullish and we would be trading against the trend. However, with appropriate risk management and a tight strategic stop loss this trade could play out well. Indicators have been overbought for weeks now, there has developed a channel on the daily chart . Enter smaller than your usual contract size, near the previous high. The stop loss should be tight, with at least a 3:1 risk reward.
In my view the price should retrace to close the daily gaps. 23,000 price zone would be my Target 1. I would let a small position run further to test the channel at the bottom price zone.
Remember we are trading against the trend. If your stop loss is hit do no enter again. Let the market make new highs, don't fight it.
Goodluck
In my view the price should retrace to close the daily gaps. 23,000 price zone would be my Target 1. I would let a small position run further to test the channel at the bottom price zone.
Remember we are trading against the trend. If your stop loss is hit do no enter again. Let the market make new highs, don't fight it.
Goodluck