The pair is making a four top on the monthly. NFP didn’t close above the resistance so it must have made a monthly high. Logical lookout is sell, so now we look for sells on a lower timeframe based on a higher timeframe support and resistance levels. In this case I use swing highs and swing lows from the Daily and H4 chart.
We can see here that the sweet spot of the retracement align perfectly with a higher timeframe resistance. This is where my entry will be with a 300 pips stop loss. If it breaks up, I will sell again at the monthly high.
We can see here that the sweet spot of the retracement align perfectly with a higher timeframe resistance. This is where my entry will be with a 300 pips stop loss. If it breaks up, I will sell again at the monthly high.