Market has been ranging on the daily chart for the past few months but now using pivot theory we have reached the monthly profit zone of MM4 so bulls who got in at MM2 earlier this month might want to get there money out of the market. So with this being said i am going to look for an opportunity to go short up at this level of resistance.
On the H4 chart we are at WR1 resistance and a very overbought stochastics, we could see price move down from this level, what i would like to see is price break 83.59 support level and then sell on the pull back role reversal. Also being a bear and with the possibility or price moving down from 84.955 to 83.59, i want to scalp price all the way down using a M5 or a M1 chart entering only on role reversals and higher lows.
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.