See confluence of 50MA (h4) , previously inflected horiz resistance & 50% retracement.
I have went short here at yesterdays open. SL placed just above market high. This will moved once I see a reaction to the downside further improving my R:R on the trade. I always place my SL's at the point where my opinion is proved wrong. If a new high is printed here then my opinion of a downside confutation is incorrect.
My target will be a retest of the local market low. We can see there is volatility to the downside here (swift moved to the downside last week followed by a weak upside move.
Zooming out to a macro view - there is a case for a larger H&S forming.
I have went short here at yesterdays open. SL placed just above market high. This will moved once I see a reaction to the downside further improving my R:R on the trade. I always place my SL's at the point where my opinion is proved wrong. If a new high is printed here then my opinion of a downside confutation is incorrect.
My target will be a retest of the local market low. We can see there is volatility to the downside here (swift moved to the downside last week followed by a weak upside move.
Zooming out to a macro view - there is a case for a larger H&S forming.