Discussion points:
Price has remained in a solid downtrend on a 4hr chart with consistent new lower highs (reached 11/2) and new lows (reached 11-6).
Things to take into account:
Scalp Idea:
Look for a small rally to the 1.1661 area in the London Tokyo crossover and short to the 1.16200 area in the later London session/NY session (around the 1hr 100sma?)
- 4hr candle apears to be stalling
- Stochastic 15-5-5 showing an overbought signal
- USD has made a recent strong move upwards and is consolidating around the 1.1645 area
- There is a bearish mid trendline slightly above current prices around the 1.1662 area
Price has remained in a solid downtrend on a 4hr chart with consistent new lower highs (reached 11/2) and new lows (reached 11-6).
Things to take into account:
- The mid trendline is has very vague points with a wide range of possible ressistance interpretations
- The low reached on 11/7 has hit trendline support on the daily chart
Scalp Idea:
Look for a small rally to the 1.1661 area in the London Tokyo crossover and short to the 1.16200 area in the later London session/NY session (around the 1hr 100sma?)