Entered daily resistance & price looks like potential short formations are developing.
2 Scenarios I am watching.
A) Price goes back up to retest the high, in which case I watch for a valid (as per my trade plan) double top. (Yellow arrows)
B) Price hits short term support = deep retracement = presence of sellers above, in which case I watch for the formation of a valid (as per my trade plan) head and shoulders in marked zone. (White arrows)
Will update post as we go.
2 Scenarios I am watching.
A) Price goes back up to retest the high, in which case I watch for a valid (as per my trade plan) double top. (Yellow arrows)
B) Price hits short term support = deep retracement = presence of sellers above, in which case I watch for the formation of a valid (as per my trade plan) head and shoulders in marked zone. (White arrows)
Will update post as we go.
Trade active:
Comment:
Short still in play
looking for trigger