Thoughts on baba?
Hey guys!! Let me know what you think about this setup $BABA-SW(09988.HK$
On the H4, with the price reversing off the ichimoku resistance, we have a bearish bias that price will drop from our sell entry at 102.85 where the horizontal swing high resistance is to our take profit at 79.65 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break entry structure and head for stop loss at 106.15 where the horizontal pullback resistance and 61.8% Fibonacci retracement is.
Entry: 102.85![]()
Take Profit: 79.65![]()
Stop Loss: 106.15![]()
On the H4, with the price reversing off the ichimoku resistance, we have a bearish bias that price will drop from our sell entry at 102.85 where the horizontal swing high resistance is to our take profit at 79.65 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break entry structure and head for stop loss at 106.15 where the horizontal pullback resistance and 61.8% Fibonacci retracement is.
Entry: 102.85
Take Profit: 79.65
Stop Loss: 106.15
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Mett : Do u mean u are gg to short if price reaches 102.85?
The Investor 101OP Mett: I will be entering the sell trade at 102.85
102987738 The Investor 101OP: not going to happen. It retraced at 61.8% retracement
Mett The Investor 101OP: High/low of cloud are strong support/resistance. If price manages to hit 102.85, meaning it punches through low of cloud, also means breakout of upper channel (the point where these 2 meet will be a strong one). That’s some strength. And high of cloud now becomes strong support. Lower probability if short not far from above. But what do I know? Just saying…