Short set up/entry reasoned from:
- high test bar close
- resistance at ~2.1470
- trend line resistance (4th test)
- rejection around 50 ema
- 50% retracement and close below
- oscillator bearish hidden divergence
entry - below low of high test bar
stop loss - above high of high test bar
target - at previous low or lower (after break of and close below previous low)
A successive cycle imitating the 3 drives pattern is in formation on the EUR/GBP 4 hour timeframe. Stochastic divergence, usually leading to a deeper pull back in a trend, has given the following confluence for the resumption of an in trend phase to the downside with price pulling back into:
resistance at 0.7290;
50 and 20 ema;
0.618 Fibonacci level (very...
