Two reasons I am looking for short are;
1. Double top at the resistance
2. Price failed to break above the 4 hour upper channel (a purple dotted line)
I will consider to short only if;
1. The price breaks below the neckline and the 4 hour lower channel (a purple dotted line)
2. The price pulls back to the the neckline and the 4 hour lower channel (a purple dotted line)
My target will be 1.192 area (a pink line) because this line is confluence of
1. A completion of Double top formation
2. Fib 38.2% from the wave from A to B
3. Ideally 120EMA will become flat and act as support (?)
1. Double top at the resistance
2. Price failed to break above the 4 hour upper channel (a purple dotted line)
I will consider to short only if;
1. The price breaks below the neckline and the 4 hour lower channel (a purple dotted line)
2. The price pulls back to the the neckline and the 4 hour lower channel (a purple dotted line)
My target will be 1.192 area (a pink line) because this line is confluence of
1. A completion of Double top formation
2. Fib 38.2% from the wave from A to B
3. Ideally 120EMA will become flat and act as support (?)