ON FRIDAY YELLEN SAID THAT THERE IS A POSSIBILITY FOR INTEREST RATES TO BE RAISED. THAT IS THE REASON FOR THE BIG MOVE THE BLUE LINE SHOWS. WAIT FOR A RETRACEMENT ON THE 15 MIN THAT SHOWS AN OVERSOLD OR OVERBOUGHT RSI (depending obviously on the direction of the retracement.) OPEN AS MANY TRADES AS YOU WANT BUT TAKE OUT THE 80% OR 75% OF THOSE TRADES ON THE TP1....
Market has tested 4 times at this resistance level but the bulls cant go through. great opportunity for a short position with great risk/reward ratio. Can open trade now near fibonacci .618 level with a stop loss near big resistance level or wait for a 5th test on that level. If it breaks the resistance level wait for a retracement to get in long.
