Confluences:
- Break and possible retest of bullish trend line
- Recent Double top formation
- Price appears to be making its way to an area of interest between the 0.5 & 0.618 Fib levels (area of support turning into resistance)
- Possible touch of the 50 EMA
I will be waiting for price to retrace further into the area of interest then obviously waiting for some form of confirmation and then entering going short
I think this is a high probability trade but risk management is key & always
I'm relatively new to trading & analysis so any feedback or advice would be greatly appreciated :)
- Break and possible retest of bullish trend line
- Recent Double top formation
- Price appears to be making its way to an area of interest between the 0.5 & 0.618 Fib levels (area of support turning into resistance)
- Possible touch of the 50 EMA
I will be waiting for price to retrace further into the area of interest then obviously waiting for some form of confirmation and then entering going short
I think this is a high probability trade but risk management is key & always
I'm relatively new to trading & analysis so any feedback or advice would be greatly appreciated :)