The past two months saw a steady rise up to the monthly Kijun. Last month we got this level and made a wick on the monthly kijun,signalling rejection. This wick was represented by numerous wicks on the daily from 14 October to around 24 October. The bearish candle that followed on the 25th of October showed the bears mean serious business as this thrust through our monthly kijun level ( area shaded in blue) which was support on daily. We then tested this region for the 1st time as reistance and now looks like we are testing it again now culminating in a somewhat double top formation. We have not had a convincing close and follow up above this level on the daily. This could be a tell tell sign of more bearish movement imminent. Confluence is added by the TK crossover that happened on the 6 of November. If my thesis is right we should see a bearish weekly candle next week which would signal the start of a bearish drop to the monthly Tenkan before year end.
Entry: two small positions on close of a H4 candle below 9.232
SL : 9.440 (a safe distance from last month high)
TP1: 9.230 ( weekly tenkan)
TP2: 9.606 (monthly tenkan)
Entry: two small positions on close of a H4 candle below 9.232
SL : 9.440 (a safe distance from last month high)
TP1: 9.230 ( weekly tenkan)
TP2: 9.606 (monthly tenkan)
Trade active:
We got trigured in!
