Not a perfect setup for shorting:
PROS
+ a couple of high wave candles approaching a not clearly defined res level
+ 2 bear candle patterns in the last recent sessions (first signs of a possible trend reversal?)
+ at descending res TL
+ unable to close decisively above .38 fib level
CONS
- ema is still pushing up price
- res level is weak, stronger level is in 1.035 area
- recent lower shadows are showing the mkt has rejected lower price for the last 2 days
- price is sitting above former descending res TL, now acting as a possible supp
- on a weekly chart the mkt is not in a well defined uptrend and so the last pattern cannot be used for defining a new res level
PROS
+ a couple of high wave candles approaching a not clearly defined res level
+ 2 bear candle patterns in the last recent sessions (first signs of a possible trend reversal?)
+ at descending res TL
+ unable to close decisively above .38 fib level
CONS
- ema is still pushing up price
- res level is weak, stronger level is in 1.035 area
- recent lower shadows are showing the mkt has rejected lower price for the last 2 days
- price is sitting above former descending res TL, now acting as a possible supp
- on a weekly chart the mkt is not in a well defined uptrend and so the last pattern cannot be used for defining a new res level