Although the longer term trend is up and we would look to go long.
But a quick scalp on the down side is also possible because:
1. Weekly resistance zone, pe a dark cloud cover has formed in daily time frame.
2. The price on the hourly time frame seems to be making lower high formation indicating a structural shift.
3. rsi in the 15 mins closed below 40 indicating string bearish push.
Best case scenario would be :
if it comes up again and tests those earlier high zones and makes a bearish macd divergence in the 60 mins time frame or even a double top formation n the 60 mins. and after that once the rsi breaks below 40 in 15 mins, i would enter short. Profit booking should be quick because this is against the major trend trade.
another possible scenario:
if it doesnt go all the way up to make a 60 min divergence, but instead makes a lower high in thr 60 mins or a retouch at 40 rsi in 15 mins and turns down then also an entry can be taken.
For positional trades:
wait for the prices to pull back to the weekly resistance turned support around the 3350-3400 levels and then buy after the high of the first bullish reversal in the daily time frame is taken off. by then dail rsi would also come and check the 60 levels.
But a quick scalp on the down side is also possible because:
1. Weekly resistance zone, pe a dark cloud cover has formed in daily time frame.
2. The price on the hourly time frame seems to be making lower high formation indicating a structural shift.
3. rsi in the 15 mins closed below 40 indicating string bearish push.
Best case scenario would be :
if it comes up again and tests those earlier high zones and makes a bearish macd divergence in the 60 mins time frame or even a double top formation n the 60 mins. and after that once the rsi breaks below 40 in 15 mins, i would enter short. Profit booking should be quick because this is against the major trend trade.
another possible scenario:
if it doesnt go all the way up to make a 60 min divergence, but instead makes a lower high in thr 60 mins or a retouch at 40 rsi in 15 mins and turns down then also an entry can be taken.
For positional trades:
wait for the prices to pull back to the weekly resistance turned support around the 3350-3400 levels and then buy after the high of the first bullish reversal in the daily time frame is taken off. by then dail rsi would also come and check the 60 levels.