Currently it is the weekend. We are expecting lower volume, and possible formation of a pre-breakout for Sunday or Monday.
There is already tension, and the more the better.
Currently in a short on indication of reversal starting from 245. I could have gotten a better entry at 247.5~ since that was a huge indicator.
Now, the selling is strong on this one and is taking out buyers who bought at the 245 level. As well, the 245 level was attempted to be defended by some bulls, creating tension (which causes even harder of a...
I am ST bullish on this pair.
Key resistance level at 1478
A break above trips a lot of stops
If it breaks above, look for probably at least $250
Look for pre-breakout characteristics including:
-Higher lows
-Weaker sells from the area of resistance
-Stronger buying waves
-Tension (smaller candles)
-Attacks on 1478 to attract more bears into the market with stops above
S/L 1481 TGT 1440~ maybe more/less
So we're pretty much selling at a good resistance level that doesn't have any kind of strong context for a breakout.
