As I always say, every chart has a story to tell and this is the story of this one:
We are approaching a Resistance
Check the two blue arrows at the bottom which show us that we have increasing IPPR (Inverse Progressive Pip Rate) as we approach resistance. Which means price has a hard time to move up.
After the hit on Resistance and the second try to move back up, we get an Abnormal Speed Index of 33.2 , that's another sign that price has a Hard Time to Move Up (HTMU) and that sellers might be coming in.
The Plutus signal, PRS, is the confirmation of our previous reading and telling us to Enter short
Let's continue reading: after the PRL signal we a have a nice down wave.
Fast move up with 5.6F SI, that's a fake move not justified and another opportunity to enter Short if you did not entered the first time.
Nice down wave with high volume
Price has moving in a very small range where we get another Abnormal SI of 41.0 and then a PRS short signal
An another fast up move with a 2.5 SI again not justified and also another opportunity enter.
You can see my target which is at 128 pips at 50 Fib and my stop has already moved to break even, let's see if we are going to get there.
I hope this helps.
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