I was short on this pair earlier this week and caught a nice 240 pips. I believe it's heading lower for a number of reasons:
1) On the weekly chart, we have had a clear rejection off the monthly res at 55.00 with a spinning top perhaps showing reversal is likely.
2) The daily chart shows rejections off the daily resistance 3 times as well as a shooting star candle engulfing almost 8 days of prior price action. We also have formed lower highs and lows giving more indication to a shift in trend.
3) On the 4 hour chart, we've completed the C leg of our ABCD pattern between 61.8% and 78.6% as well a touching the trend line for the 3rd time. We have also formed a 3 pin formation as well as doji candle. Our CTL has been broken and we continue down as a new lower high as completed.
1) On the weekly chart, we have had a clear rejection off the monthly res at 55.00 with a spinning top perhaps showing reversal is likely.
2) The daily chart shows rejections off the daily resistance 3 times as well as a shooting star candle engulfing almost 8 days of prior price action. We also have formed lower highs and lows giving more indication to a shift in trend.
3) On the 4 hour chart, we've completed the C leg of our ABCD pattern between 61.8% and 78.6% as well a touching the trend line for the 3rd time. We have also formed a 3 pin formation as well as doji candle. Our CTL has been broken and we continue down as a new lower high as completed.
Comment:
Stop loss moved to beyond break even at 120 pips profit.
Comment:
Stop loss moved to profit of 70 pips. Currently trading at 140 pips profit and looking to hold for further downside momentum.