If price can successfully retest the Daily 20 SMA, which also falls into place with an important support/resistance area, we could see a new short reversal on the 4H.
The 4H shows a classic double top and a similar pattern to the AUDCAD (linked below). Again, as long as price stays above the 20 SMA on the 4H and does not show a stronger rejection of the Daily 20 SMA, it's not a short setup.
Very nice example of how top down analysis works.
The 4H shows a classic double top and a similar pattern to the AUDCAD (linked below). Again, as long as price stays above the 20 SMA on the 4H and does not show a stronger rejection of the Daily 20 SMA, it's not a short setup.
Very nice example of how top down analysis works.
I have been trading for 15 years!
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