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. Appreciate any comments positive or negative ;)
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. Appreciate any comments positive or negative ;)
Thanks!
