WEEKLY RES HOLDS FIRM AT .7575 AS WE TRADE UNDER THIS LEVEL FOR MORE THAN A WEEK STRAIGHT!! * Counter Trendline Break *Daily Rejection *200 MA holds as another level of rejection *Daily 38.2 Fib level holds firm This is more than enough indication that another bear leg is on the way!! Can we see .7300???
If you are a trend following trader, find instruments and timeframes that satisfy your trending criteria and just follow the signals. But remember: consolidation period can be brutal to a trend following strategy. Also, the longer the trend, the greater the chance for a reversal. With that in mind, make sure you apply proper money management.