Watching for sell opportunity. See longer term charts below for direction justification.
To open a short position, I'm looking for either:
1) A clear DN trend on 1H chart (will require break of 122.5 support area) OR
2) Reversal price action if EJ moves to red box zone on chart
If it is #2 scenario, I would most likely scale into the trade.
1M:
1W:
1D:
4H:
To open a short position, I'm looking for either:
1) A clear DN trend on 1H chart (will require break of 122.5 support area) OR
2) Reversal price action if EJ moves to red box zone on chart
If it is #2 scenario, I would most likely scale into the trade.
1M:
Comment:
UPDATE: EJ is finishing a consolidation pattern. The trading plan above basically remains the same except less restrictive. For example, #2 scenario, the price reversal doesn't need to be in the red box for a short entry. Really any pull back reversal &/or continuation works to enter. No matter #1 or #2, I will probably scale into any trade because of likelihood of increased volatility.