EGLDUSD | DOUBLE TOP | BEARISH DIVERGENCE ON RSI
Updated
EGLDUSD just formed a bearish divergence on the 4H TF on the RSI and a double top chart pattern. Technically this is a bearish sign and a possible trend reversal signal BUT we are still in a bullish trend on EGLDUSD.
Wait for neckline break and a close of 4h candle below it to enter a short trade (potential fakeout, bigger R:R ratio)
or...
wait for the re-test of the neckline once it is broken and then look for a bearish candle formation or trend line break on the 1H TF. (safer option, sometimes smaller R:R)
TP1: 180
TP2: 160
TP3: ??
good luck!
Wait for neckline break and a close of 4h candle below it to enter a short trade (potential fakeout, bigger R:R ratio)
or...
wait for the re-test of the neckline once it is broken and then look for a bearish candle formation or trend line break on the 1H TF. (safer option, sometimes smaller R:R)
TP1: 180
TP2: 160
TP3: ??
good luck!
Order cancelled
did not break below the neckline instead tested the old ATH.
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