As you can see this pair is continuing to put in lower lows and lower highs indicating a bearish trend. As price action has just pushed up into previous support, it should now become resistance presenting a nice level to get involved in a shorting opportunity.
We also have a 618 Fib retracement from the previous structure high.
If you are aggressive, you could enter at market and shoot for previous structure lows down at 1035 trailing stops every time the market puts in an outside return then a lower low locking in profits.
Excellent risk to reward on this one. For more conservative traders, you could drop down to a lower time frame and look for more confirmation such as a double top. we already have a lower low, lower close on this time frame.
Comments
VijaySanghishetty
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Hey Akil..,
There is a clear Divergence on RSI and MACD, indicating a loosing momentum.
Also Elliot Wave count shows end of an impulse wave. There could be some correction at least for two trading sessions and I strongly believe the chances of further downward movement are very thin.
However, after the correction there will be another impulse wave dropping the price lower.
What's your thought.??
Akil_Stokes
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trend continuation traders are cleaning up, or should be on this pair this week.
JasonGraystone
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Yep. Some serious money to be had on this pair for TC traders!
There is a clear Divergence on RSI and MACD, indicating a loosing momentum.
Also Elliot Wave count shows end of an impulse wave. There could be some correction at least for two trading sessions and I strongly believe the chances of further downward movement are very thin.
However, after the correction there will be another impulse wave dropping the price lower.
What's your thought.??