Thoughts on baba?
Hola guys! Let me know what you think about this setup on $BABA-W (09988.HK)$
I'm looking to get in at 108.2 where the horizontal overlap resistance, resistance of ichimoku cloud and 61.8% Fibonacci retracement is and playing it to 71.15 in line with the horizontal swing low support and 61.8% Fibonacci projection level. I'll have my stop loss at the next swing high resistance at 123.30 in line with the 78.6% Fibonacci retracement. My bearish bias is further supported by how price is expected to reverse off the stochastics indicator.
Entry: 108.2![]()
Take Profit: 71.15![]()
Stop Loss: 123.30![]()
$Alibaba 5xShortSG230202 (DAGW.SG)$
$Alibaba 5xLongSG220608 (DGFW.SG)$
I'm looking to get in at 108.2 where the horizontal overlap resistance, resistance of ichimoku cloud and 61.8% Fibonacci retracement is and playing it to 71.15 in line with the horizontal swing low support and 61.8% Fibonacci projection level. I'll have my stop loss at the next swing high resistance at 123.30 in line with the 78.6% Fibonacci retracement. My bearish bias is further supported by how price is expected to reverse off the stochastics indicator.
Entry: 108.2
Take Profit: 71.15
Stop Loss: 123.30
$Alibaba 5xShortSG230202 (DAGW.SG)$
$Alibaba 5xLongSG220608 (DGFW.SG)$
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morganfreefarm : Don't like the Risk-Reward ratio. I'd adjust stop loss to 115.
Provisionally : I’ll short at 115 instead.
Provisionally : Update: Not sure if should short anymore.