- Weekly candle shows neutral momentum - A morningstar-like candlesticks pattern, However, the latest candlestick did not close above the 50% of previous Bearish engulfing bar, so it is not a valid morningstar.
- Bearish reversal daily candle close below daily resistance level, which is also Fibonacci 38.2% retracement level.
- Price pulled back from a newly formed lower low.
Thoughts : Price may flirt around the resistance level & the falling trendline for sometime now.
Idea : Look for low risk shorting opportunity in lower time frames later after London open session.
Comments
TomFX13
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Great, However, I haven't seem to find any potential shorting opportunity in lower timeframes, and due to the USD weakening, it is better to stay away until a setup represent itself. It is still too early to short..
spesfinancial
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Yep. I will wait for the H4 trend being downside, and will look for short on H1 or M15. Patience is great for trading.