My view of FCPO for this week. Buying pressure is decreasing and will be looking to consider re-purchase at the 3880 levels. As of now, I am going for Short. Good Luck.
Trade active:
21/7/2021 - My opinion on shorting is still firm. Price currently is doing a retracement. If you look at 15 minutes chart, you can see that the price is now at 61.8 fibo level.
Other confluence:
1) 61.8 fibo in 15mins TF
2) Convergence of High and previous Higher high.
3) Weak buying pressure VS strong selling pressure
4) break of trendline in 15minutes chart
5)1 hour chart price has break below the current S&R level
Expected profit taking in Friday or Monday.
Thanks!
Other confluence:
1) 61.8 fibo in 15mins TF
2) Convergence of High and previous Higher high.
3) Weak buying pressure VS strong selling pressure
4) break of trendline in 15minutes chart
5)1 hour chart price has break below the current S&R level
Expected profit taking in Friday or Monday.
Thanks!
Trade closed manually:
I close this trade manually with a loss of 45 ticks. I made a mistake by doing an analysis in the wrong chart. But hey, we just move on and learn from our mistake.