✓ - Bearish Flag Pattern formed.
✓ - test of the 0.618 fib level on the retracement.
✓ - Doji signalling a turn in the market.
✓ - Broken both the 20ema & 50 ema.
I was short this pair from the 0.618 (0.6400) and took profits at 63.000. Im now looking to short again based on the flag pattern formed. We’re testing the lower ascending trend line and its likely we’ll be using this as some kind of support due to it being at the 0.6300 level. However I will be expecting this support to break fairly soon.
I’ll also be waiting to see how the market reacts to buyers or sellers coming in at and around this 0.6300 level. We do not want to be pushed into shorting for buyers to come in and wipe us out.
Let’s see how this one plays out.
✓ - test of the 0.618 fib level on the retracement.
✓ - Doji signalling a turn in the market.
✓ - Broken both the 20ema & 50 ema.
I was short this pair from the 0.618 (0.6400) and took profits at 63.000. Im now looking to short again based on the flag pattern formed. We’re testing the lower ascending trend line and its likely we’ll be using this as some kind of support due to it being at the 0.6300 level. However I will be expecting this support to break fairly soon.
I’ll also be waiting to see how the market reacts to buyers or sellers coming in at and around this 0.6300 level. We do not want to be pushed into shorting for buyers to come in and wipe us out.
Let’s see how this one plays out.