Looking at the Monthly chart we can see a clear similarity in the price action from the present time to
the previous ATH back in 2011.
With HTF Resistance above us and previous attempts to retest those highs creating monthly lows since the
August 2020 ATH I anticipate a potential SFP into the red box marked RESISTANCE before a move to the downside.
This presents a great opportunity to open shorts with a generous risk reward .
I have pulled some key fib levels that align with the EMAs in chart for additional confluence in those lower regions .
Set alerts and wait for the trade to come to you .
Always know your invalidation and stick to your trading plan .
I will post my monthly Chart of the DXY index also as that analysis correlates very well with this idea.
Thanks for stopping by and be sure to follow me for future analysis and updates
the previous ATH back in 2011.
With HTF Resistance above us and previous attempts to retest those highs creating monthly lows since the
August 2020 ATH I anticipate a potential SFP into the red box marked RESISTANCE before a move to the downside.
This presents a great opportunity to open shorts with a generous risk reward .
I have pulled some key fib levels that align with the EMAs in chart for additional confluence in those lower regions .
Set alerts and wait for the trade to come to you .
Always know your invalidation and stick to your trading plan .
I will post my monthly Chart of the DXY index also as that analysis correlates very well with this idea.
Thanks for stopping by and be sure to follow me for future analysis and updates
