Weekly
Last week we've had a bearish engulfing candle which has rejected straight off of our weekly TL. Lower swing high points since December 2016.
Daily
The most recent rejection of our TL produced an evening star formation - a strong indication of price reversal. Friday closed as a bearish engulfing candle taking our 2 days worth of prior price action. We have also breached he daily area of support and closed below it.
H4
MA crossover to the downside after TL rejection and lower highs. We had another evening star formation in confluence with a false break of the weekly support area (now resistance). Generally some strong bearish moves breaking the TL and daily area generally producing lower highs and lows. We've pulled back to retest the daily area of resistance at 121.25 forming a tweezer top, a new lower high and a rejection of 38.2% fib level. CTL broken on H1 chart.
Last week we've had a bearish engulfing candle which has rejected straight off of our weekly TL. Lower swing high points since December 2016.
Daily
The most recent rejection of our TL produced an evening star formation - a strong indication of price reversal. Friday closed as a bearish engulfing candle taking our 2 days worth of prior price action. We have also breached he daily area of support and closed below it.
H4
MA crossover to the downside after TL rejection and lower highs. We had another evening star formation in confluence with a false break of the weekly support area (now resistance). Generally some strong bearish moves breaking the TL and daily area generally producing lower highs and lows. We've pulled back to retest the daily area of resistance at 121.25 forming a tweezer top, a new lower high and a rejection of 38.2% fib level. CTL broken on H1 chart.
Trade closed: stop reached:
-40 pips. Early entry on the pullback.