PA analysis shows us a reversal candle forming on the daily time frame after hitting the resistance level around 1327. Took a short entry here with a solid RR ratio outcome, lets see how it goes. Expected pullback should go all the way down to the 61.80 Fib level (or the support level at 1304). After that will be looking to go long again! Hope this analysis helps, trade at your own risk.
Comment:
Currently running in loss. Keep in mind this could be a fakeout. On hourly chart we just formed a bearish pin bar, looking to enter another small short position around here but to be honest at this point this trade could go either way. Our next resistance level is quite high so if you’re running a sell make sure your stop losses are set correctly to not be in a huge loss!
Trade closed: stop reached:
Stop losses hit, If we are breaking I’ll be looking for the sell zone at the next resistance at around 1347. Very unexpected market turn here, but it’s all part of the game