EURTRY - This is for Samit
Even though I do not trade this pair I decided to write this post for my friend Samit who is already in.
This is a Daily chart that does not provide the details but we get the overall picture.
This is the story Samit:
We were heavily up trending and we hit a Major resistance
After hitting resistance we have had the highest volume down wave with linear pip move which means that the market agrees with the down move
We retraced back up to resistance without difficulty but at the top there is a high SI of 10.6 . This could be another Push Down but there is also a 3.6 SI before that and this could have formed a Plutus Reversal Long but it never broke the 3.6 level therefore it is still questionable.
To make the long story sort if you still have this Short position stay with it and monitor the 1HR and 4HR if it starts moving up and breaks previous top level of 4.2 SI.