IF YOU LOOK AT THE TREND-LINES I HAVE DRAWN INTO THE CHART, YOU WILL REALIZE THAT THIS PAIR HAD BEEN TRADING WITHIN A CHANNEL FOR A WHILE AND FINALLY THAT CHANNEL WAS BROKEN.
I AM NOW WATCHING TO SEE IF THIS MOVE UPWARDS WILL CONFIRM THE BREAKOUT BY GIVING US A RETEST AND THEN FORMING ANOTHER BEARISH LEG.
CONFIRMATION AND POTENTIAL SETUP REQUIREMENTS:
1. STRONG BEARISH CANDLE TOUCHING (JUST BELOW) THE TREND-LINE THAT IS NOW ACTING AS RESISTANCE
2. SELL STOP BELOW THAT CANDLE
3. TIGHT STOP ABOVE THE FIRST REQUIRED BEARISH CANDLE
I AM NOW WATCHING TO SEE IF THIS MOVE UPWARDS WILL CONFIRM THE BREAKOUT BY GIVING US A RETEST AND THEN FORMING ANOTHER BEARISH LEG.
CONFIRMATION AND POTENTIAL SETUP REQUIREMENTS:
1. STRONG BEARISH CANDLE TOUCHING (JUST BELOW) THE TREND-LINE THAT IS NOW ACTING AS RESISTANCE
2. SELL STOP BELOW THAT CANDLE
3. TIGHT STOP ABOVE THE FIRST REQUIRED BEARISH CANDLE
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