This pair has been pushing up with a lot of the news coming out about China changing their peg back to yuan, as well as the downturn of the markets that we've had with the corona virus epidemic.
We got a long wick right before the market closed last week which lines up with a kumo rejection on the daily chart.
For this setup I'm looking at a drawback back down to test major price structure support.
We've got a good tight stop above the wick from last week and a pretty good risk to reward ratio.
If we fail form new lows to trigger a sell or if we end up forming a long wick support candle, then this setup may become invalidated.
We got a long wick right before the market closed last week which lines up with a kumo rejection on the daily chart.
For this setup I'm looking at a drawback back down to test major price structure support.
We've got a good tight stop above the wick from last week and a pretty good risk to reward ratio.
If we fail form new lows to trigger a sell or if we end up forming a long wick support candle, then this setup may become invalidated.