Factors of confluence in favor of short
1. Daily resistance zone 0.90432
2. Triple top
3. M pattern against resistance
4. RSI dipped below 50
5. Chop Zone change to bearish
6. Break of trendline
7. 3.5 R/R
8. Removal of liquidity zone on daily chart(prior high)
Risks
1. No LL yet
2. 2nd time back to daily resistance zone- may break through to upside
3. Price to return to congestion zone above for more consolidation before choosing a direction
4. Possibility to resume upwards momentum
1. Daily resistance zone 0.90432
2. Triple top
3. M pattern against resistance
4. RSI dipped below 50
5. Chop Zone change to bearish
6. Break of trendline
7. 3.5 R/R
8. Removal of liquidity zone on daily chart(prior high)
Risks
1. No LL yet
2. 2nd time back to daily resistance zone- may break through to upside
3. Price to return to congestion zone above for more consolidation before choosing a direction
4. Possibility to resume upwards momentum
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.