I forgot to post my original idea here, and i've only done it on twitter 2 days ago.
This is one of my favourite setups, when there's a clear break of a long term TL support, followed by a failed retest. I always have the patience to wait for retests, which sometimes makes me lose trading opportunities but when they happen they're usually very profitable.
There's a bearish MACD setup, with a crossover on the daily chart bellow 0.
RSI already made a strong move from resistance at 50 to 30 in a matter of 2 days.
The weekly chart shows a break bellow a LT TL support on the RSI, which explains the fast move down that this pairs is having.
I think it should start accumulating buyers around 0.975, which could give another chance to sell, depending on how impulsive the move is. My bearish target is at least 0.958 to take out the last significant low but it can easily go much lower than that.
This is one of my favourite setups, when there's a clear break of a long term TL support, followed by a failed retest. I always have the patience to wait for retests, which sometimes makes me lose trading opportunities but when they happen they're usually very profitable.
There's a bearish MACD setup, with a crossover on the daily chart bellow 0.
RSI already made a strong move from resistance at 50 to 30 in a matter of 2 days.
The weekly chart shows a break bellow a LT TL support on the RSI, which explains the fast move down that this pairs is having.
I think it should start accumulating buyers around 0.975, which could give another chance to sell, depending on how impulsive the move is. My bearish target is at least 0.958 to take out the last significant low but it can easily go much lower than that.
Trade active:
Got to the first target but it's still trading very heavy. I'm expecting to see the price moving up to 0.981 or maybe even 0.985, where it should find resistance.