Good day ladies and gentlemen, some quick notes on how I caught sells on the "Fiber". This market began bearish around 2008 but didn't break structure till about 2014. Found support at about 1.05100, came up to about 1.2400-500 where it found resistance double topping. Later down the line, literally, price made an invalid HL bouncing off 1.08900 up to 1.2200-300 before double topping once again and melting past the previous LL about 1.05000. Given where price is now we could see it collapse further toward 1.0000 flat. (Caution this info is based off HTF structure) I caught sells off the 1H exhaustion, rejections were consistent on Daily since July 19 enough to spot a double top and an engulfing from yesterdays close. Spotted a H&S LTF and was patient even through bullish U.S. iSM services pMI News. Bearish news for the Fiber this morning a minute after 7:30am (US) but if you look back at the two previous 4H candles you'll see a battle won by the bears, an ugly gravestone doji to me but a good enough lead nonetheless. PAY-S(H)ENSE Happy Trading!
Comment:
Maybe even a knights sword bearish engulfing rather than an ugly gravestone doji idk