I made a lot shorting this one; thank you for the concise commentary! It’s currently heading back up; what I’m unclear about is whether to consider this merely as a pull back and wait for a signal to short again, or regard it as a true change in direction given the resistance. I’d value your opinion/analysis. Many thanks
You’re welcome and the four hour entry was almost picture perfect. In answer to your question….I don’t know. There is nothing to do yet in this pair as the entry has already occurred. Bigger picture….we are sitting on top of support – consolidating – which is more bearish than bullish. Also sitting under a break of the upwards channel demand line. Also note that this decline in price does fall in line with the decline from Sept 2016 – May 2017 on the weekly. I’d side on more weakness as I look at the market right now given that context. The last drive up came after 3 weeks of sideways action. We are in 3 weeks of sideways on the weekly chart.
I made a lot shorting this one; thank you for the concise commentary! It’s currently heading back up; what I’m unclear about is whether to consider this merely as a pull back and wait for a signal to short again, or regard it as a true change in direction given the resistance. I’d value your opinion/analysis. Many thanks
You’re welcome and the four hour entry was almost picture perfect. In answer to your question….I don’t know. There is nothing to do yet in this pair as the entry has already occurred. Bigger picture….we are sitting on top of support – consolidating – which is more bearish than bullish. Also sitting under a break of the upwards channel demand line. Also note that this decline in price does fall in line with the decline from Sept 2016 – May 2017 on the weekly. I’d side on more weakness as I look at the market right now given that context. The last drive up came after 3 weeks of sideways action. We are in 3 weeks of sideways on the weekly chart.