Bearish Bets In The Offing from wisepowder's blog

Bearish Bets In The Offing

After quite some good bull run, we are likely also to see a short term sell-off in the coming days or weeks as we see buyers seemingly facing exhaustion at this point based on chart readings. Interestingly, general market sentiments for this pair are that market participants are holding net long positions. And, buyers are facing resistance at previous respected supply zone area.To get more news about WikiFX, you can visit wikifx official website.
　　To have a look at this pair in longer term view, on the 6 day chart, we see there was a false breakout past the 200 moving average as price not only juggling between the band but last week trading session candle conclusively opened and closed below the now dynamic resistance band.

　　Going down to smaller timeframes of both the 4 day chart and the daily chart, the price action structure is drawing out a head and shoulder pattern formation at this point confirming our bearish trade idea going forward.
　　Market speculators may be interested in my technical analysis that I viewed on the daily chart below, is that, the trend line that I drew connecting the previous highs on the 6 day chart above, and when you switch to the daily chart, not only do you see this technical line tested once but twice and, the Friday trading session candle traded below this line!
Jasper Njuguna is a self-taught discretionary financial markets trader. With cumulative 5 years’ experience trading the markets and out of which, one and a half years of that as a prop trader, trading large and mid-cap American equities at one of the DAY TRADE THE WORLD offices.
Prior to switching career interest to trading, I have 9 years of experience in senior management roles driving small to large business development and B2B relations in creating and implementing; learning & development solutions, programs, organizational strategies & frameworks, and blended learning approaches for companies and institutions in Africa.