I see a completing at the extreme of a daily down-sloping ED channel.
This is a perfect setup for me.
Next, I will monitor some form of divergence upon retest/rejection of 0.7570-0.76 before executing my short.
Trade will be invalidated if price just break above this zone convincingly.
If this trade gets executed, this will be the ideal levels.
Right now we are at this PRZ zone.
We have to watch over the next few hours if price will reject $0.76 and fall below the PRZ.
That is when I will enter my short.
Else this is a PRZ breakout move and it is gonna have a huge move upwards.
Have put in a pending order to short at $0.7570.
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Had a chat with my mentor Scott(Scott Carney) yesterday, we spoke about how we view the various markets.
I will share about what he revealed to me about the S&P index in this week's report.
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I went in on the 1st test at 0.755. the 2nd test forming the ''head'' gave me a real scare. Almoost stopped out.
You always mention divergence. does it means:
Trading in H4 chart, you look for divergence in H1? RSI goes OB on 1st test & RSI for 2nd test is lower than that of 1st..?