informedtrades
Short

Great Reversal Pattern and Swing Setup on USDSGD

FX:USDSGD   None
I really like this USDSGD             setup; we see a clear downtrend, price has pulled back to a resistance level within this downtrend, which happens to coincide with the key 200 EMA . Moreover, we are seeing a reversal candlestick at this level as well.

The biggest question, in my opinion, is the extent to which we will have an additional pullback -- or if we are headed straight down from here. I'm set to short at resistance at 2523, but will the market pullback to that level again? Or is momentum now headed downward? I contemplated entering partially based on a market order, but didn't think the setup was that good to warrant that level of aggressiveness.

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