Pro's
1. Reached -27.0% of the impulse up, needs a small correction down
2. W% above level
3. Pinbar after first rejection candle
Con's
1. Against very strong trend up
2. Always risky picking tops, but I am quite confidant in the move down
Pro's
1. Price stalling on support
2. Price started to form smaller candles and more green candles showing buyers in area
3. HFT# and W% below level
Con's
1. Against main trend down
2. Usually takes a long time for price to reverse
Pro's
1. Slow move down after strong momentum bull candle
2. Ema's shows bull trend on lower timeframe
3. On HFT#
Con's
1. Main trend is down showed buy 4H Ema's
2. 61.8% FIB is lower
Counter trend trade, Risky trade
Pro's
1. Lower low,
2. Need to touch Ema's
Con's
1. Against strong trend in correction, might go higher first before down move
If price manages to pullback slightly upwards to newly formed resistance level , Entry for Sell against trend
Pro's
1. 1H we can see a lower low movement and lower high, signal for a quick down move
2. Price needs to correct down to support level and EMA's
3. The down move can bring the W% below level before the next move up
Con's
1. Against main trend so...
Pro's
1. EMA's are showing more down movement
2. Retraced back to Resistance level
3. Nice bearish 4H candle
Con's
1. Main resistance is higher at the 1.5120 level , price might make a deeper pullback up before the move down
Pro's
1. Price has reached support and started a rejection
2. W% is below the level
3. Need to make a retracement back to EMA's
Con's
1. Against main strong trend
2. Only first rejection, better to wait for second rejection
Pro's
1. Decent pullback to minor support level @ 50% Fib
2. Green pinbar in a bull trend showed by 4H EMA's
3. Price should retest the top to create a M-Formation
Con's
1. Price might go lower to actually touch the EMA's first before the move up
2. HFT #'s is lower @ the EMA's
