the obvious direction is to sell but the pair might retest the top of the flat channel again and continue to go lower - option 1 OR break the flat and continue wave 3 upward - option 2 eventually, we await to see the bigger move on option 3
if not so clear, allow the pair and let it play
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the option in play based on price action: OR break the flat and continue wave 3 upward - option 2
Hi, agree. Why do you think price will re test the resistant level? Any reasons? Price moves in range by now, it looks price should go down to support level, why would you think it will go up? Many thanks.
Pibalviral
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@QGuo-Shane,
I follow price action aand wht we have from the resistant is not a stromg impulse- factor 1
Factor 2 - chart also follow historical patterns, look through d 2nd resistant, it went back to retest the top and as said above, we now have a strong impulse down( a great sign for a sell.
Factor 3- seeingnthe MACD indicator below, its already panned out showing low, i await another zero crosssover which takes the candle back to the resistant
All point to the fact that we might have a double top on resistant and then bck to the support level
Hope it helps.
QQGuo-Shane
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@Pibalviral, Thank you very much. Learned from you! good luck buddy