The weekly chart is below the moving average indicating a bear trend. The daily stochastics crossed over yesterday just under 80 on the scale and going downwards. The trailing bar after the stochastic crossover is covering bearish and lower low. Looks like wave 2 has just completed with some way to continue.
I've just gone short and targeting 2.69 in a week. I am not trading intraday, but taking a longer timeframe view on this trade idea. Stop at 2.82.
By the end of the trend win loss ratio acceptable.
Trade closed: stop reached
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I got stopped out of this short. I'm going to monitor this one as the momentum still looks bearish when compared to 15MA and 50MA weekly charts.
I'll try to find a way back in. Looking at the stochastic crossing in overbought, perhaps this is a corrective wave up, and I just need to wait for the momentum to come back down.