Sell limit both placed MPP to monthly S2 target.
Price has just come off of the 55EMA (indicating that the trend is slowing) and is currently heading towards the MPP resistance. There is a clear Head and Shoulder pattern that was formed last month, indicating price should continue downwards. Market is not bearish yet, price is bullish, stochastic indicating oversold conditions.
Zooming out on this chart, Market is bullish, Price has made a double bottom at WS2, even though stochastic shows overbought conditions, so I will pay attention to a proper reversal pattern at MPP resistance before taking the trade.
My bias on this trade is based on the fact that Gold has made a double bottom on the H1 chart indicating USD weakness. I anticipate price to continue up to MPP resistance as the stochastic is showing that price is oversold. Market is Bearish (price has made a lower low) Price is bullish. I will wait for price to reach resistance and wait for a proper reversal pattern at resistance on a lower time frame chart.
Market has been bearish, Price has made a double bottom, so I will wait for proper confirmation before pulling the trigger on this trade. Stochastic is showing over bought conditions, so I will monitor this pair to see if price will continue to resistance or carry on heading straight down.