It's been a while since I posted anything. Sorry. Most blogs start off with good intentions to keep them up to date, but when you don't get any comments you tend to think it's only for yourself. On to the trade. It's the typical setup with a signal alerting of an overbought condition after a strong move up for most of the Asian session. The question was whether price was looking exhausted at the R1 pivot or was it going to head higher to possibly the 38% fib at 161.35 or even as high as the weekly low at 162.15(sort of far away)? The RSI(14) on the 15-min gave it away with divergence. This means the RSI was at higher level for the earlier spike high and a lower level for this trade when price was higher. This is classic TA(technical analysis), mainly used with the MACD indicator though with other indicators as well. Entry was a short position at 161.18. Bought back(scaled out) 2/3 of position for +53 @ 160.65. The trade is still running with a target(monthly low) of 160
