1. Bearish Engulfing Candle on Daily
2. Price at a previous resistance level
3. MACD Divergence (Price made a higher high while MACD histogram made a lower high)
4. RSI overbought
5. Stochastic RSI is u-turning
Price may fall to 1.55 area in the coming week or two weeks.
In my books, this is a high quality setup. However, price can do what it wants so trade cautiously. As said before, we trade probabilities here and this one is a high probability setup.
2. Price at a previous resistance level
3. MACD Divergence (Price made a higher high while MACD histogram made a lower high)
4. RSI overbought
5. Stochastic RSI is u-turning
Price may fall to 1.55 area in the coming week or two weeks.
In my books, this is a high quality setup. However, price can do what it wants so trade cautiously. As said before, we trade probabilities here and this one is a high probability setup.
