I really like this USDSGD setup; we see a clear downtrend, price has pulled back to a resistance level within this downtrend, which happens to coincide with the key 200 EMA. Moreover, we are seeing a reversal candlestick at this level as well.
The biggest question, in my opinion, is the extent to which we will have an additional pullback -- or if we are headed straight down from here. I'm set to short at resistance at 2523, but will the market pullback to that level again? Or is momentum now headed downward? I contemplated entering partially based on a market order, but didn't think the setup was that good to warrant that level of aggressiveness.
www.informedtrades.com
The biggest question, in my opinion, is the extent to which we will have an additional pullback -- or if we are headed straight down from here. I'm set to short at resistance at 2523, but will the market pullback to that level again? Or is momentum now headed downward? I contemplated entering partially based on a market order, but didn't think the setup was that good to warrant that level of aggressiveness.
www.informedtrades.com