1. Price is at the 4 Hour Resistance level
2. RSI (setting = 14) shows divergence
3. Stochastic (setting = 14,3,3) is approaching overbought levels. For me that is over 80.
4. The 4 Hour Resistance Level was previously Support
5. The 0.618 FIB is in line with the 4 hour Resistance level and price is currently being rejected from it
Aggressive entry: Please wait for a bearish candle to form to confirm rejection and
Conservative entry: wait for price to return to the H4 level to retest before entering the trade.
Stop Loss: can be placed above the H4 level
Take Profit1: below at the Major weekly level I have labeled in the diagram
2. RSI (setting = 14) shows divergence
3. Stochastic (setting = 14,3,3) is approaching overbought levels. For me that is over 80.
4. The 4 Hour Resistance Level was previously Support
5. The 0.618 FIB is in line with the 4 hour Resistance level and price is currently being rejected from it
Aggressive entry: Please wait for a bearish candle to form to confirm rejection and
Conservative entry: wait for price to return to the H4 level to retest before entering the trade.
Stop Loss: can be placed above the H4 level
Take Profit1: below at the Major weekly level I have labeled in the diagram