Tempted to short the rejection of key resistance zone (around round figure level 1.5000 too) when I reviewed the daily chart as part of my morning routine. However, when I ran through my checklist:
a) Trend? Counter-trend
b) Level? Yes - key resistance zone with round figure
c) Signal? Long upper wick candle but with a higher close
Counter-trend and a higher close candle really put me off to short this right now even though it is at a very tempting zone to short.
When drilled down to H4, there is a bearish pin bar, followed by inside bar. Price has currently breaks above the inside bar. Any turnaround of price and close below the inside bar will indicate weakness and potential reversal downwards. Something worth watching today.
a) Trend? Counter-trend
b) Level? Yes - key resistance zone with round figure
c) Signal? Long upper wick candle but with a higher close
Counter-trend and a higher close candle really put me off to short this right now even though it is at a very tempting zone to short.
When drilled down to H4, there is a bearish pin bar, followed by inside bar. Price has currently breaks above the inside bar. Any turnaround of price and close below the inside bar will indicate weakness and potential reversal downwards. Something worth watching today.