Nice counter trend trading opportunity here. Why?
1. We have fibonacci confluence from a previous high @ 618
2. RSI is overbought
3. ABCD completes close by
4. We are at a strong trend line support
5. We also have a diagonal trend line resistance (not currently drawn on) which would support the shorting bias.
Depending on your strategy you might require some further confirmation such as a candlestick pattern or double top. That's what I require to take this on, there might even be some on the lower 15m time frame. Trade your plan guys and if you don't have a plan, best not to trade, not even on a demo account, it's wasting your time.
Feel free to message me with any questions and I'll try my best to get back to you.
Thanks!
1. We have fibonacci confluence from a previous high @ 618
2. RSI is overbought
3. ABCD completes close by
4. We are at a strong trend line support
5. We also have a diagonal trend line resistance (not currently drawn on) which would support the shorting bias.
Depending on your strategy you might require some further confirmation such as a candlestick pattern or double top. That's what I require to take this on, there might even be some on the lower 15m time frame. Trade your plan guys and if you don't have a plan, best not to trade, not even on a demo account, it's wasting your time.
Feel free to message me with any questions and I'll try my best to get back to you.
Thanks!
