The weekly chart shows a further bearish divergence forming. Note that the impulse is still green, and nothing is confirmed yet
The candle on the daily chart is reason enough for me to go short, especially considering where it was drawn, at the all time high, close to 120.
I am going to use a soft stop for this trade, and I'm looking for 110, at least. I will not close out my position, no matter what happens at the support line around 118. Small position will be taken now, and adding will start once I'm convinced this market is going down. Tomorrow's close will probably be the tell.
The candle on the daily chart is reason enough for me to go short, especially considering where it was drawn, at the all time high, close to 120.
I am going to use a soft stop for this trade, and I'm looking for 110, at least. I will not close out my position, no matter what happens at the support line around 118. Small position will be taken now, and adding will start once I'm convinced this market is going down. Tomorrow's close will probably be the tell.