What do we have now? On the one hand the trend line
was broken and bears reached 4700 support level
. DMI gives a signal for possible down movement and this market is overbought. Based on this we should open short trades. But on the other hand we have price reversal from 4700 support level
confirms long trades in the direction of the up trend from daily chart
. What should we do? How to trade? I think the possible variants can be like this. If price bounces from the trend line
which is a resistance line now and MACD
confirms down movement, we'll open short trades. Profit Targets can be levels of round digits 4650 and 4600. The main question for this variant will be how quickly price can break 4700 level. The other variant will be for long trades, when 4H candle is closed above the trend line
will have to confirm long trades with profit targets near 4760 and 4800.