usd sgd short after s/r retest + Trendline confluence
We are in a clear bearish market and going down since around 1year
The last weeks we can see a correction in direction of a previous s/r zone which was respected several times before price was able to break it down + extra confluence by a trendline with several touches.
Now again we have 2 scenarios which could happen here.
1) Price respects the s/r zone + the trendline giving us a great opportunity to go short into the bigger picture trend direction
2) Price breaks the trendline + the s/r zone to the upside telling us that the downward trend could come to an end and offer us a chance to go long in a very early stage of this new trend
I personaly prefer the short side cause its always better to go with the bigger picture trend than against it but if market tells us a long is the way to go i will not discuss with him ;-)
The last weeks we can see a correction in direction of a previous s/r zone which was respected several times before price was able to break it down + extra confluence by a trendline with several touches.
Now again we have 2 scenarios which could happen here.
1) Price respects the s/r zone + the trendline giving us a great opportunity to go short into the bigger picture trend direction
2) Price breaks the trendline + the s/r zone to the upside telling us that the downward trend could come to an end and offer us a chance to go long in a very early stage of this new trend
I personaly prefer the short side cause its always better to go with the bigger picture trend than against it but if market tells us a long is the way to go i will not discuss with him ;-)