We have a right tip confirmation for King's crown bear signal.
We have created a new low on October 2nd (yellow circle) and price moved up to hit the right tip. Expecting price to fall down now as we are also at the downtrend line area.
Indicators: 1. New low created (yellow dot) 2. RSI on daily and 4 hr in strong sell zone. 3. Right tip created.
Entry @ current price of 105.65
TP 1 @ 105.00 TP 2 @ 104.75
Good luck trading!
Charles V CVFXmanagement.com Trading made Simple
Kommentera
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Down trend line broken upwards, take losses or sell down to backside of downtrend line @ 105.80.
Technicals still point south but it is better to be safe when trading FX.
Something is wrong. Might become double top, I think.
cvfxwealth
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@alexdragonsnake, Looks like it retested the down trend line perfectly and now bouncing downwards. Double top is definitely still an option but we will have to see how price closes around the down trend line. A close under would be a strong signal to the downside.