The Beast didn’t go down yesterday as much as I had expected.
However, the Bearish Divergence on the Daily chart still remains as seen below.
The price made a Double Top, but the Stochastic continued to go down.
It would have been ideal to short from yesterday (from Double top).
(I did short yesterday. But stopped out as Even. Yes, I moved my stop too early…)
Well, let’s see if there is any chance to short again.
Below is an Hourly Chart, making a series of Lower Highs and Lower Lows. So the down trend is continuing. So simply we could short from the next Lower High.
On M15 chart (below), the price is hitting (Role-Reversal) resistance and the Stochastic has just crossed down. So the possibility is… it may go down from here.
However, I also respect Fivot Point. I think it should go back up to DPP, and we can sell from there!
I would say the Swing target will be MPP (184.45) based on Daily Chart.
But if you think that’s too much as ask, you can take profit at WPP (185.80).
Hope this setup helps you build your own.
YJ Baik – Forex.Today @ Tokyo