4HR break of structure to the downside making lower lows and highs and has pulled back into a previous resistance level
and a 61.8 fibonacci level and formed a spinning top
candle formation. Also some fib conlfuence from fib expansions and fib inversions a 1.272 and 1.618 level lining up. This could also be considered as a head and shoulders
pattern. further more the market formed a double top
on the 1 hr
chart continuing to the downside and on the 15Min chart we have a classic 2618 trade inspired by Jason Stapleton, for those who are familar with that trading strategy. ill be targeting the 124.320 area. 25 pip stop, 40 pip target. 1-1.5 risk reward. best of luck.