Price is currently in a strong down trend on the Daily timeframe, making lower lows and lower highs. We have now had our third touch and rejection of the descending support and currently sitting in the Fibonacci "golden pocket" area. Around this area is where I will look for entries, looking closer at price action on the lower time frames, including candlestick formations. We seem to be rejecting the 78.6% fib level at the moment which is an added confluence to a short trade.
I will look to take this down to the ascending short term support which is now creating a wedge pattern.
I will look to take this down to the ascending short term support which is now creating a wedge pattern.
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We seen a nice impulsive move during the Asian session and we are currently around 40 pips profit!