Short on this trade for a number of reasons:
1) On the weekly chart, we've rejected monthly resistance at 124.00 and have not been able to close above a daily area of resistance simultaneously. Although it's early to tell and anything could happen, the week so far as been quite bearish with an engulfing candle forming.
2) The daily chart is showing signs of exhaustion after a long bullish move with multiple rejections, spinning tops; it's been stuck in a range. The last 2 days however have been bearish and EMA/MA crossover has occured. We are also forming lower highs on the candle upper wicks.
3) Coming down to he 4 hour chart, we also have MA/EMA crossover to the downside and a break of our trend line as well as break below-close below the weekly support area of 122.00.
4) 1 hour the chart also shows lower highs and lows, downward facing EMA/MA and a shooting star retest candle after the break of our trend line.
1) On the weekly chart, we've rejected monthly resistance at 124.00 and have not been able to close above a daily area of resistance simultaneously. Although it's early to tell and anything could happen, the week so far as been quite bearish with an engulfing candle forming.
2) The daily chart is showing signs of exhaustion after a long bullish move with multiple rejections, spinning tops; it's been stuck in a range. The last 2 days however have been bearish and EMA/MA crossover has occured. We are also forming lower highs on the candle upper wicks.
3) Coming down to he 4 hour chart, we also have MA/EMA crossover to the downside and a break of our trend line as well as break below-close below the weekly support area of 122.00.
4) 1 hour the chart also shows lower highs and lows, downward facing EMA/MA and a shooting star retest candle after the break of our trend line.
Trade closed: stop reached:
Stopped out, should have moved SL to BE.