Top Down Analysis: - Monthly: Price is ranging in a rising wedge - Weekly: We've had 3 strong weeks of rallys and previous candlestick showed rejection of 50EMA. Selling pressure expected for this week - Daily: Friday printed a bearish Pin Bar rejecting the key daily level 79.150 and Mo/W descending Trend Line area, after Thursday's engulfing marubozu. Signaling exhaustion + rejection. - 4 Hour: We have 3 angles of price acceleration on the uptrend, meaning a reversal is near. Price faked out 79.150 level and broke below 20EMA.
Confluences: -3 Weekly bullish candlestick, expect a pullback for the coming week; -Pin bar rejection of resistance + descending trendline area on the Daily; -Price extended away from Daily 20EMA, return to moving average expected; -Fakeout on the 4H; Pin bar at the 79 level indicating rejection of the area + possible formation of 1st Lower High; -3 angles of acceleration of the trend on the H4;
Entry Trigger: -Trend Line break + Bearish Momentum Candle;
Stop Loss Placement: -3 PIPs above trigger candle's high
Target Profit: -78.000 key level + round number
Trade Management: - Set and Forget. ______________________________________________________________________________