Selling the trendline pullback seems like a good idea. Confluence with a 382 Fib retracement and structure level.
Watch price action for a sell signal, or entry order at the trendline.
More conservative traders can scale into the position slowly adding as price goes higher with stops above the latest structure ...
After seeing price show strong bullish run... looking to take this counter trend trade set up on this price break of 2.0333
1:1 60 points
1:2 120 points
1:3 180 points @ 618 retracement
Stops ' @ 2.0394 (60 Point)
USDJPy has pushed through horizontal level @ 109.68 to now test strong daily trend line currently seeing indecision.
if price can break below 109.85 showing strong continuation... looking to take short a position with stops at previous 8 hour candle high 110.48
This bearish gartley pattern talks by himself .The Rsi is overbought and have a divergence condition,the strong bearish trend and the doji candle in D chart is enough to get involve in this particular trade but leave just before the nonfarm news release just in case .
Bottom candles tend to have a lower wick. This represents the bears bringing down the price and the bulls overcoming the bears and bringing price back up. Hence the 'bottom'
Last week SPY decline lacks a wick. Suggests more Down to come.