On the 4H chart, you can see the following:
- A breakthrough of the ascending trendline indicates a pattern change.
- There is a higher high and a lower low, indicating that the pair is losing strength.
- A retest of the ascending trendline is necessary to validate a sell position and the stop loss position above the higher high and higher low should be good resistance.
- Once the pair tests the trendline, you will see from the RFI indicator that the pair will be overbought.
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- A breakthrough of the ascending trendline indicates a pattern change.
- There is a higher high and a lower low, indicating that the pair is losing strength.
- A retest of the ascending trendline is necessary to validate a sell position and the stop loss position above the higher high and higher low should be good resistance.
- Once the pair tests the trendline, you will see from the RFI indicator that the pair will be overbought.
Please like or comment if you like my analysis