https://uk.tradingview.com/chart/YOi2B49t/
I have entered short today on the EURUSD ( I know not the best idea to enter a positin on a Friday but I'm still learning and I'm testing my aggressiveness )
Technical analysis:
On the weekly: The market has respected the major structure level now resistance, and the sellers aggressively took over.
RSI: Overbought (as per my strategy where the overbought on the RSI is 75)
On the daily: The market has respected this level of resistance for 5 days and today (Friday) we have a shooting star that forms at the 0.618 retracement of the down leg.
RSI: On divergence
On The 4H (my entry): The market has created a double top at a major structure. By my strategy rules if the market creates a double top (a lower close than previous high, no higher high) at major weekly structure I would enter the market at the second candle.
Since my entry the market as now created a triple top and has been going down for the past 12 hours
RSI: Double bullish divergence
I am also aware that the market it bouncing between 2 major weekly structures, so the market might consolidate for a period of time. But that's where I use a little fundamental.
I think the EUR is doing better than the USD at the moment. so time will tell.
Please leave a comment, I would appreciate it, any feedback welcome.
Happy trading.
I have entered short today on the EURUSD ( I know not the best idea to enter a positin on a Friday but I'm still learning and I'm testing my aggressiveness )
Technical analysis:
On the weekly: The market has respected the major structure level now resistance, and the sellers aggressively took over.
RSI: Overbought (as per my strategy where the overbought on the RSI is 75)
On the daily: The market has respected this level of resistance for 5 days and today (Friday) we have a shooting star that forms at the 0.618 retracement of the down leg.
RSI: On divergence
On The 4H (my entry): The market has created a double top at a major structure. By my strategy rules if the market creates a double top (a lower close than previous high, no higher high) at major weekly structure I would enter the market at the second candle.
Since my entry the market as now created a triple top and has been going down for the past 12 hours
RSI: Double bullish divergence
I am also aware that the market it bouncing between 2 major weekly structures, so the market might consolidate for a period of time. But that's where I use a little fundamental.
I think the EUR is doing better than the USD at the moment. so time will tell.
Please leave a comment, I would appreciate it, any feedback welcome.
Happy trading.