Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
In the four hour chart after launching off 1.6072, price moved down sharply and reached 1.5760 and then it started to correct some of this bearish move. We can see lower highs in this timeframe that is showing that trend is still bearish.
Here we have got a good hourly trendline:
And there is also a Bearish Bat formation:
So short positions here is good below the hourly shelf at 1.5912 and stop losses should be above that hourly trendline or above the previous high at around 1.5980.
If hourly candles went above that trendline then this setup will become invalid and we have to close our short positions.
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