Confirmation: 1. Closing below 4HR Resistance of @1.21400 getting rejected and believing before it goes up we must hit the demand zone which would be @1.20500 before New HIGHS. 2. Broken 1Hour Support @1.21255 and rejected it as new resistance afterwards. (I should have waited for a double rejection to have a higher probability before shorting.) #Slight Mistake probably will cost me
CONS: 1. Trading against the overall Trend. (DAILY TREND) 2. BOTH EMA's on the 4HR (9&21) has crossed showing signs of bulls are in the trade now. 3. Bounced off all 4HR EMA Ribbons all 6.
Note: Stop loss is pretty large and hoping to at least secure a Take profit 2 due to the fact that market is closing tomorrow. If price closes below @1.21000 I will be making my trade risk because that is support + RW 1:1.