So we have a downwards channel, and price was around the resistance TL when markets closed on Friday
Additionally, the indicator at the bottom, which works similarly to a stochastic in terms of overbought and oversold, is overbought.
The best time to sell while the indicator is overbought, is while price is moving downwards and retraces upwards.
Depending on gaps, we have a solid 120+ pip short position, targets and stop loss are dictated by immediate support and resistance levels above and below current price.
If you also look at the DXY chart on the 4 hour TF, it has begun to head downwards.
Additionally, the indicator at the bottom, which works similarly to a stochastic in terms of overbought and oversold, is overbought.
The best time to sell while the indicator is overbought, is while price is moving downwards and retraces upwards.
Depending on gaps, we have a solid 120+ pip short position, targets and stop loss are dictated by immediate support and resistance levels above and below current price.
If you also look at the DXY chart on the 4 hour TF, it has begun to head downwards.