formation of a bearish pin bar indicating a reversal
there are a variety of ideas that support the idea of selling at point 1289.485. These reasons include:
1. The momentum of the bullish candles is greatly reducing indicating that the buyers are paving way for the sellers
2. 1289.485 has been a key point hat has been respected significantly and therefore a rejection will lead to the selling at this point
3. The third reason is that, 1289.485 is at 61.8 Fibonacci level a level at which the market retraces after making big impulse moves.
The formation of a selling price action signal for instance bearish reversal pin bar is a better confirmation to go short.
1. The momentum of the bullish candles is greatly reducing indicating that the buyers are paving way for the sellers
2. 1289.485 has been a key point hat has been respected significantly and therefore a rejection will lead to the selling at this point
3. The third reason is that, 1289.485 is at 61.8 Fibonacci level a level at which the market retraces after making big impulse moves.
The formation of a selling price action signal for instance bearish reversal pin bar is a better confirmation to go short.
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