M= Market is on a down trend
A= Area of Value: There is a multiple layer of Confluence: 50EMA Dynamic Resistance, TrendLine , Previous S&R and LOng Term Fibbo Retracement Level of 50% and Short Term Fibbo Retracement Level of 78.6%
E= Trade a pullback from those Fibbo Zones, wait for any rejection candle on an Hourly to Enter a Sell ( e.g Bearish Engulfing Candle)
E= Exit on the Next Fibbo Zones, TP1= 1.07299
A= Area of Value: There is a multiple layer of Confluence: 50EMA Dynamic Resistance, TrendLine , Previous S&R and LOng Term Fibbo Retracement Level of 50% and Short Term Fibbo Retracement Level of 78.6%
E= Trade a pullback from those Fibbo Zones, wait for any rejection candle on an Hourly to Enter a Sell ( e.g Bearish Engulfing Candle)
E= Exit on the Next Fibbo Zones, TP1= 1.07299
Comment:
Inverse Head and Shoulder forming on our trade, possibility of a Reversal. if confident on our first analysis continue holding a SELL but if not, ABORT the trade whilst you are still in a small profit.