On this hourly chart we can see a series of higher highs and higher lows which notes the correction up off of the lows. A good selling opportunity would be a move down through one of those higher lows as that does serve as a certain level of confirmation that the sellers are back and looking to take control of this market. Traders could sell on a move down through one of the support levels noted on this chart and then place their protective buy stop above this current high. Target to take profits should be placed at twice this risk for a 1:2 risk:reward ratio.
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