SGDJPY BEARISH TREND

1 thg 10, 2019

BIAS : BEARISH REASON : This trade is based on my algorithm as well as price action. Price is trending down on the daily however it has pulled back recently forming a short term uptrend and has now rejected to push up further. The red line are my daily S&R levels. After the first resistance level was rejected you can see that price has pushed down and came back up to test a new lower level of resistance. Seeing that we have a few days of price stalling and some wicks to the upside this tells us that price is failing to push higher and sellers on coming in to continue to downtrend.