Double top formed and head and shoulders pattern. An impulse move to the downside can be seen with a pullback to the 61.8/71 Fibonacci along with a re-test of the trendline as resistance. The market was playing in a wedge until the last candle closed outside with now what looks like a test as resistance with the 38.2 Fibonacci along with the resistance of the support trendline.
There are more confluences that are not shown on the chart for simplicity and leverage.
ONLY TAKE THE TRADE IF CURRENT CANDLE CLOSES BELOW 38.2 FIBONACCI.
There are more confluences that are not shown on the chart for simplicity and leverage.
ONLY TAKE THE TRADE IF CURRENT CANDLE CLOSES BELOW 38.2 FIBONACCI.
Comment:
No entry yet. Wait for rejection
Trade active:
Partials to be taken at 0 and -23 on the way to the final target
Trade closed manually:
Target 1 and 2 hit. Final trade to target 3 closed at breakeven. +58 pip movement secured.