The double top you see on the daily was caused by two barriers on the monthly namely the monthly tenkan and the monthly cloud. Price just could not penetrate through these barriers and was rejected. We know when price tries to do something twice and fails it goes the path of least resistance and in this case that's down. Yesterday price was battling with the weekly tenkan,but today we had a good break on H4 of this line and we take our trade on that. On the weekly we had a very strong bearish candle last week and that bearish strength should continue this week. The lagging on the weekly is also in a 'free' space to move down. We should get a pullback to that weekly tenkan zone in a few days but that should remain within the confides of our stop loss. The next price magnet is the area we made our lowest point which would be our take profit..
Entry: two small positions @ 1.1023 area
SL: slightly above daily ssb @ 1.10752
TP1: 1.0956
TP2: 1.0884
Entry: two small positions @ 1.1023 area
SL: slightly above daily ssb @ 1.10752
TP1: 1.0956
TP2: 1.0884