Both the 4 hr
and 8 hr
time frame are now in a confirmed downtrend. There was strong rebound from the 12H trend line
however the 12th time frame also shows a huge bearish engulfing
candle that has not been superseded. I am also seeing a potential head and shoulders
and this could be the right shoulder that is forming.
Remember risk management is key and STICK TO YOUR TRADING PLAN