#USDCNY long term selling opportunity
Updated
Price in Daily timeframe seems like to complete 5 wave bullish move and also we can see bearish standard divergence between price and MACD which is a very good signal for pinpointing the top.
But the important thing to remember before taking position is to see market structure shifting to the downside with forming a lower high or creating a new low which at the moment non of this signals has been given by the price.
So its best to wait for the price to confirm the bearish signals its giving to us before jumping to trade.
Please also look at the other analysis in the weekly timeframe that I have posted for higher time frame confirmations which is also tagged.
But the important thing to remember before taking position is to see market structure shifting to the downside with forming a lower high or creating a new low which at the moment non of this signals has been given by the price.
So its best to wait for the price to confirm the bearish signals its giving to us before jumping to trade.
Please also look at the other analysis in the weekly timeframe that I have posted for higher time frame confirmations which is also tagged.
Trade active
we are still patiently waiting for our trigger, no position on this pair so far.Note
we are still waiting for price to give us a trigger by printing a bearish candle and happy to see the price going up since the distance between our point of entry and stop loss is getting smaller.Trade active
in Daily time frame if you look at the price it seems like price is forming standard head and shoulder pattern which if it form gives extra confluence to our trading ideaNote
We have seeing some selling pressure in this pair today as USD getting weak and price seems like breaking down short term 4H bullish trendline. if price can stay below trendline and also close below previous day candle low its a good opportunity to take our sell position.Trade active
after yesterday bearish engulfing candle our sell position eventually got triggered. important thing to notice about this pair is also yesterday candle broke down a bullish channel line which add to our bearish confluences and also price seems like forming a standard head shoulder pattern.Note
The identification of a bottom in the price during its bearish trend could be interpreted as a Wave A, potentially signaling the onset of a corrective bullish move, as Wave B.
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