I have a good feeling on this one. Overall bias/trend is DOWN on the daily chart.
Lower High, followed by multiple Lower Lows. We have a lot of things
working here for a good high probability bearish move:
1. Trading into the major prevailing trend.
2. Price has pulled back to a prior area of support and has been rejected.
3. Price going back up into the 50% retracement area AGAIN to retest resistance.
4. RSI is at the TOP of the overbought "area" relative to the downtrend.
All of this data gives us a HIGH PROBABILITY of a Bearish Move.
-Good Luck!
*This trade also piggy backs my sentiment on USDJPY - LONG
Lower High, followed by multiple Lower Lows. We have a lot of things
working here for a good high probability bearish move:
1. Trading into the major prevailing trend.
2. Price has pulled back to a prior area of support and has been rejected.
3. Price going back up into the 50% retracement area AGAIN to retest resistance.
4. RSI is at the TOP of the overbought "area" relative to the downtrend.
All of this data gives us a HIGH PROBABILITY of a Bearish Move.
-Good Luck!
*This trade also piggy backs my sentiment on USDJPY - LONG
