After yesterday's reversal bull run, it hit the strong resistance level (Fibo and whole number) of above 108.00 with serious volume at the top in the M15 Chart this morning. Strong signs of bear accumulation at the top. Nice PA wave exited dragon on 3rd leg for a possible entry point. Since trend is still below the dragon, this entry may be considered a scout. Next reversal would be back down to 106.745. Let's wait for London Stock open for further PA confirmation.
Comment:
EP will be adjusted accordingly. Waiting for PA confirmation
Comment:
Currently testing Monday's resistance area around 108.50. Current M1 chart shows high trading volume around this resistance point. Wait for more PA signal showing if it's above or below this key SR to determine bull or bear. My sentiments are bear, taking into account tonight's NFP in the U.S. We shall see..
Comment:
You say consider a risker sell limit at 108.6 or sell stop at 108.4
Trade active:
Strong volume at the top.
Comment:
Bull shows lower momentum. Wait for a nice PA wave to enter a short trade
Trade closed: target reached