This resistance line that I drew is largely untested. However, I took this trade based on the overlapping rejection bars. This is another trade that provides a pretty high reward to risk ratio. My stop loss is just 15 pips higher than the upper wicks to account for spreads. While I don't have a clear profit target, I am using the Fibonacci retracment of the 38.2 and 61.8 levels to forecast potential targets. In the meantime, my stop loss will be moved tighter as this pair enters freefall.
Note
Dominant bearish signals trade is on par with downside expectations despite uncertainty with past few day with the overlapping bars. Further downside expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.