FCPO 10 Feb 2023 : Bearish divergence in progress?
Updated
1. SnR: Price not able to sustain above resistance zone 3994. This indicates a strong seller
2. Channel/Trendline: Price break up trendline - Indicate sideway/change direction.
3. Oscillator: MACD from yesterday shows a bearish divergence
Expectation :
1. Price will continue bearish momentum until at least close the previous gap.
Trading plan as usual :
1. In Early morning, monitor the nearest possible SnR
2. Monitor EMA12 1min TF for entry
2. Channel/Trendline: Price break up trendline - Indicate sideway/change direction.
3. Oscillator: MACD from yesterday shows a bearish divergence
Expectation :
1. Price will continue bearish momentum until at least close the previous gap.
Trading plan as usual :
1. In Early morning, monitor the nearest possible SnR
2. Monitor EMA12 1min TF for entry
Note
Monitor EMA12 1min and mid channelTrade active
Price test EMA12 and mid channelNote
As expected, price react to mid channel.Watch out for possible reversal / sideway area near the lower channel
Note
Another entry chance.Price test EMA12 5min.
MACD forming re-entry pattern
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