FX.co ★ ADAUSD Potential For Bearish Drop to overlap support

Looking at the H4 chart, my overall bias for ADAUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market.

Looking for a sell stop entry at 0.3820, where the recent minor low is to ride the bearish momentum. Stop loss will be at 0.4137, where the recent high is. Take profit will be at 0.3294, where the overlap support is.

Trading Recommendation

Entry: 0.3820

Reason for Entry: Recent minor low is to ride the bearish momentum

Take Profit:0.3294

Reason for Take Profit: Overlap support

Stop Loss: 0.4137

Reason for Stop Loss:

Recent high