US strength! US strength...this is all we are seeing lately. the last short idea did work out, some profits taken and downside protected, but I thought we would visit the other side of that channel. Ok, lets see what it does now??? I am seeing price has revisited the last level of resistance which is very close to our subjective ascending trendline....I am seeing MACD divergence developing. Currently there isn't any confirmation of a turn-around in the Price Action, and even that MACD divergence is a little premature to me....but this is the level that you will want to start keeping an eye on what is happening, if a signal does develop...even on a 4 hour I may toss a trade into the mix here. As always...1% Risk, 2:1RR. - Happy Trading!
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I traded this short, in a couple of other USD pairs, I chose to spread my risk...hahah must be a trading pun in there somewhere.
I moderate a small community 4 traders, analyzing weekly charts, and discussing trade setups. Focusing on psychology.