a short term down trend had broken out. This trend has alot of momentum i am waiting for the bounce back off either the trend line or the resistance before getting into this one. Both the 200EMA and the MACD are telling us to go long. I think this reverse will be a big one. Any critisism welcome.
We are currently in a downtrend according to the 200 EMA as well as a downwards flag pattern forming. Buyers have taken control of for now but i am waiting for the retest of the heavy resistance before i enter this one.
The trend line has been broken. So have both moving averages. Price has hit the resistance and failed to pass. A bullish engulfing candle has started to form and this in my opinion would be a great time to enter to go long.
In a big down trend and has broke previous support turned resistance, Fib comes into play.
I predict it will start to slow down at around 1.28330 but have placed my T/P at 1.2400 just in case.
S/L will be what ever percentage of your account you are willing to lose.
Any ideas let me know.