A perfect double top has recently formed & price dropped down quite aggressively today. If your not already in this trade, there are two scenarios I can see.
1, If price starts to correct itself, look for an entry at the 618 Fib level, but only enter with momentum down, this would be a deep correction followed by what could be a big move down again.
2, The second scenario is that price doesn't move much & forms a bearish flag, if this is the case, sell the breakout, again, with momentum.
This pair could still drop first & then pull back. If this is the case, I will update the Fib levels & post it in the comments section below & will be looking for the 2618 setup. Good luck :)
1, If price starts to correct itself, look for an entry at the 618 Fib level, but only enter with momentum down, this would be a deep correction followed by what could be a big move down again.
2, The second scenario is that price doesn't move much & forms a bearish flag, if this is the case, sell the breakout, again, with momentum.
This pair could still drop first & then pull back. If this is the case, I will update the Fib levels & post it in the comments section below & will be looking for the 2618 setup. Good luck :)
Note
Turned out almost perfect. Hope you got involved & took profit at the -.618 area. Around 100 pips in the bag. Will monitor this pair again next week as I don't like to have positions open over the weekend unless in big profits.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.