This pair had a nice bearish breakout last week and has been holding our brearish trend so far. I am looking for a good opportunity to get in a short position. I've drawn my entry at previous support that could act as resistance for us, should we get the rise I am looking for. I want to see this small move up and a nice rejection candle as confirmation to enter where I've laid it out. If we see that confirmation I'll enter this sell targeting our previous kumo twist as a good TP level. Alternatively we could look for a break below our recent low candle as an entry, but we lose a lot of the risk to reward there. If we fail to get the rejection or break lower, this setup will become invalidated.
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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.