Market tested previous resistance and could not break through. Look for the market to pull back to around 1.1320 before retracing back up near resistance. Short entry is at around 1.1620 with stops going at around 1.1720 and target around previous lows at 1.1320. If the market enters a down trend then this trade should be fairly pain-free. Set limit orders to get in once the market bounces off the 1.1320 zone.
If the market pulls back to around 1.1320 and then violates previous resistance then uptrend is continuing so look for an opportunity to get long.
If the market pulls back to around 1.1320 and then violates previous resistance then uptrend is continuing so look for an opportunity to get long.
Comment:
I am still holding out hope for the short setup to complete here. One could also buy at the bottom of a retracement, or wait for a trend reversal for a short setup.
Order cancelled:
I am giving up on this setup. The market has gone higher and has no sign of coming back down anytime soon.