Monthly
As we near the end of September, we have clearly rejected 1.1925 with a possible doji/shooting star depending on Friday's close. Last month we also attempted to breach this area but failed to do so forming a doji indicating indecision.
Weekly
2 weeks ago, price formed a hanging man candlestick - supporting a reversal to the downside. Last week we also closed a doji showing further indecisive price action. Price however did close above the weekly are on all occasions making this slightly risky as MAs are also to the upside.
Daily
The daily chart is showing clear signs of a potential reversal. We can see multiple shooting stars at critical points when price attempted to breach 1.1925 over the last few weeks. We can also see evening star formations. There is a clear head and shoulders pattern which is confluent with a lower high and daily bearish engulfing last week. Today we have so far rejected the weekly level and daily MAs have crossed to the downside. Friday also closed as a shooting star.
H4
We have a clear 61.8% fib rejection with lower highs being formed. We have also broken our H4 TL and MAs are also crossed to the downside. The most recent candle is fairly strong with bearish momentum.
As we near the end of September, we have clearly rejected 1.1925 with a possible doji/shooting star depending on Friday's close. Last month we also attempted to breach this area but failed to do so forming a doji indicating indecision.
Weekly
2 weeks ago, price formed a hanging man candlestick - supporting a reversal to the downside. Last week we also closed a doji showing further indecisive price action. Price however did close above the weekly are on all occasions making this slightly risky as MAs are also to the upside.
Daily
The daily chart is showing clear signs of a potential reversal. We can see multiple shooting stars at critical points when price attempted to breach 1.1925 over the last few weeks. We can also see evening star formations. There is a clear head and shoulders pattern which is confluent with a lower high and daily bearish engulfing last week. Today we have so far rejected the weekly level and daily MAs have crossed to the downside. Friday also closed as a shooting star.
H4
We have a clear 61.8% fib rejection with lower highs being formed. We have also broken our H4 TL and MAs are also crossed to the downside. The most recent candle is fairly strong with bearish momentum.
Comment:
Target 1 reached - stop moved to beyond BE.
Comment:
3rd of the position locked.
Trade closed manually:
Closed for healthy profits.