This currently looks like a good shorting opportunity and i have personally taken this trade.
The reasons why i have taken this trade are.
1. Its hit a EMA on the 4 hour chart.
2. Its his a area of value which is resistance which is the green line.
3. The 4 hour chart is in a nice smooth downtrend.
4. My entry was the big red engulfing candle.
My take profit will vary from a few factors i will make it shorter if price action shows it will turn against me at a support level. Or a big news event that i have not interest in trading against.
The reasons why i have taken this trade are.
1. Its hit a EMA on the 4 hour chart.
2. Its his a area of value which is resistance which is the green line.
3. The 4 hour chart is in a nice smooth downtrend.
4. My entry was the big red engulfing candle.
My take profit will vary from a few factors i will make it shorter if price action shows it will turn against me at a support level. Or a big news event that i have not interest in trading against.