WEEKLY:
- possible retest of the trendline before further downside
- pair bounce on trendline twice (yellow sphere), thereafter, pair broke out (pink sphere).
- there could be a possible short opportunity if pair rejects the ascending trendline
- pair could spike to the 100% fib before continuing its downward mvnt
INVALID IF:
- weekly closure above the trendline
NB:
- watch DXY + SILVER for correlation.
- wait for upward momentum to decrease, therefore look for multiple rejections on the daily/ 4H time-frame before shorting
- wait for clear rejection on daily + 4H time frame before entering trade
- watch fundamental release prior to entering
- possible retest of the trendline before further downside
- pair bounce on trendline twice (yellow sphere), thereafter, pair broke out (pink sphere).
- there could be a possible short opportunity if pair rejects the ascending trendline
- pair could spike to the 100% fib before continuing its downward mvnt
INVALID IF:
- weekly closure above the trendline
NB:
- watch DXY + SILVER for correlation.
- wait for upward momentum to decrease, therefore look for multiple rejections on the daily/ 4H time-frame before shorting
- wait for clear rejection on daily + 4H time frame before entering trade
- watch fundamental release prior to entering