The move for the 2 hours has mainly been bullish based on fundamental statistics(Biden's possible win). The price has blown and broken a key area of resistance as seen in my chart. This has strengthened the move up making it to move and has reached another area of interest. Tuesday's resistance area R1 held well and the price is expected to bounce in this area. Don't worry if it breaks this region, just wait for the move up to continue and reach today's pivot point R2. If it does break both regions, we will be headed to 1850 where the next area of interest is seen.
My idea is based on a bounce scenario.
1. Wait for the price to bounce off the highlighted areas before going short
2. You will know the reversal has been confirmed when a bearish conviction candle is formed.
3. Combine this with Stoch and RSI just to be sure of the reversal. But at this point, they are both indicating overbought market conditions. But to avoid a fakeout make sure you keep an eye on that ADX. If it is above 40, do not and I repeat DO NOT go short
4. After going short, target for the next pivot point R1 1912-1910 and PP 1884 zone in extension
My idea is based on a bounce scenario.
1. Wait for the price to bounce off the highlighted areas before going short
2. You will know the reversal has been confirmed when a bearish conviction candle is formed.
3. Combine this with Stoch and RSI just to be sure of the reversal. But at this point, they are both indicating overbought market conditions. But to avoid a fakeout make sure you keep an eye on that ADX. If it is above 40, do not and I repeat DO NOT go short
4. After going short, target for the next pivot point R1 1912-1910 and PP 1884 zone in extension