If all goes well, we can reap a massive 1100 Pip Drop from this trade.
Price has been having difficulty penetrating Monthly resistance for quite sometime, is on a 38.2% retracement level, is under 200 SMA, and if it reaches previous low, will complete a double top. Notice also that we have price-oscillator divergence.
We'll be looking to first enter a short opportunity on a 4H/Daily chart (where we have divergence as well) and take profits at the base of the double top. From there, we can take profits or trail the stop upon breakout of the double top.
Let me know your thoughts!
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Ideally, we would like to make two price drops breaking through two monthly support areas. From here, we can then enter short orders and wait for our gargantuan pip free fall to happen.
If this doesn't materialize, we can still earn at least half of what we could have if the double top reversal pattern happens.