Hey guys, we were waiting for a nice selling signal on this pair, and maybe this is happening. Price has reached another key level of daily structure and the RSI is in divergence on the daily as well as overbought on this timeframe. Moreover you can see price action has given the first signal of rejection with a pinbar (long wick to the top) that could be additionally confirmed by the current candle that could be engulfing. Stops above 1,31. First target with at least 1:1 RR, second to be determined. It all depends on the current candle close. I'll keep you updated.
If you want to ask questions or share your view, feel free to comment below. Otherwise, see you in the next chart!
Hi, I would like to ensure that what I observed was that on H4; the previous 2 candles formed an bearish engulfing (03.00 and 07.00 - 2017/05/11), and on daily chart, is it that a forming of evenstar pattern? Thank you for your sharing ideas, so i'm just looking for a good entry for tomorrow.
Roker1
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@nakarin.stk, my reason for entry was the pinbar followed by an engulfing candle, but i don't know how to call the daily chart pattern, however i think you can wait for a pullback and then sell again. Have a nice day!
JMIRACLEFX
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@Roker1, Your reasons was right! Wish you a present weekend and thank you for your sharing as well.
Roker1
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@nakarin.stk, you're welcome! Feel free to comment whenever you want!