H&S forming here on daily current candle is a gravestone doji.
4H RSI plenty of bearish divergence.
It has already threatened to break the neckline and wicked back up.
I would like it to break the RS horizontal with impulse to avoid getting caught up in an extended ascending correction.
If it does break down I will look for a re-test of the support line to enter with SL above RS.
Target will be quick haircut down to 1.27 area not too greedy as there is plenty of oscialltion.
Not advice.
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Well it did drift correctively before falling through the trendline and there is a bit too large price band to enter here.
I've put in a short order at 0.5 retracement as I think that should be quite deep relative to the trend breaking down. If it doesnt get filled I will wait for breakdown below the horizonal.
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Entering here on the sharp 30 min engulfing SL at the top $1.29166
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A little more confidence as it is the start of the week . I think this is going to plummet.
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I've let this one go. 6C1! looking weak and no need to trade against futures.