Trade plan to sell the Beast. No news expected today.
This pair has come off the MM4 monthly target. Looking to trade it down to MPP as a counter trend. Stochastics are in the overbought region indicating price could turn in the near future. Currently market is flat due to 21/55 flattening. Looking at MR1 as the main resistance. Failure to break MR1 could result in a sell off towards MPP.
The pair on this chart does provide areas where there could be selling opportunities. With price heading up, WR1 is the resistance point, of which it confluences with MM4 and slightly above MR1. Looking at WR1 as point of contact to sell. MR1 does provide resistance. Will observe how the resistance levels hold up before pulling the trigger. Stochastics are currently heading down but 21/55 hasnt flattened out. Looking out for the 21 as it could provide support and change direction on price.
Looking to sell this pair at the resistance levels at either DPP which coincides with the 61.8, DM3 which is at 78.2 fib or at DR1 which would coincide with the previous high therefore creating a double top. Stochastics are currently heading into Overbought levels so looking to sell at one of these points. 21/55 are also flat which means market is flat. Will wait to enter at desired points.
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About The Forex Analyst
Currently have just over a year of trading experience. Still learning but as time goes on will get better. Feel free to leave your opinions and thoughts to further enlighten each other.