Hi guys,
i've looking at this pair since we've reached the yellow zone highlighted on the left hand side of your screen. And i'm now getting involved because of the false breakout that you see on the right hand side of your screen. But let me be clear: first, we are at a major structure level on the daily timeframe, second, we've reached overbought condition on the daily timeframe and we're creating a divergence on both the daily and the 4hr tf. As we go down on lower timeframes, such as the hourly, you can also see a triple top with RSI overbought with a false breakout. As soon as the price has closed above the prev highs, it fell immediately and got rejected with a big red engulfing candle.
Going short now with stop above the highs, and targets as displayed.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
i've looking at this pair since we've reached the yellow zone highlighted on the left hand side of your screen. And i'm now getting involved because of the false breakout that you see on the right hand side of your screen. But let me be clear: first, we are at a major structure level on the daily timeframe, second, we've reached overbought condition on the daily timeframe and we're creating a divergence on both the daily and the 4hr tf. As we go down on lower timeframes, such as the hourly, you can also see a triple top with RSI overbought with a false breakout. As soon as the price has closed above the prev highs, it fell immediately and got rejected with a big red engulfing candle.
Going short now with stop above the highs, and targets as displayed.
If you have any idea/question, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: target reached:
First target hit! Stops moved to breakeven