At that price there is a strong a resistance of 76.4% retracement from yesterday sing high and low. The resistance is quite strong and determine the bearish trend in early Asian season. Price also detected under the influence of downward sloping 200 ema with 60 ema showing a flat move from the late US session.
Based on the 15 mtf, I could conclude that the general trend is down with a bias for sideayw moved, so my 1 mtf trade in the Asian session I favour taking a short position. See the 15 chart below.
I started at about 7.00 am Malaysian time or the opening time of Japanese session i.e at 23:00 GMT.9 min after open the 6 ema cross 12 ema from the top, early indication for short entry. Price is also below the opening price. This is confirm by the filter Stealth BUY and SELL, and Stealth LCD showing red in color. The fast lag (blue) has gone below 85 while the slow(red colour). Therefore by entry is at the close on the 1.09 bar which is at 89.34.
At 1.35 the Stealth BUY and SELL indicated a green colour, with 6 ema cross 12 ema from below. Does it indicate a reversal? I defer the decision to the Bollinger band. It seem that price is reaching the mid point of the band with 20 sma sloping downward. There is a resistance from the downward sloping 200 ema(red line). The band is getting narrower as the 60 ema approaching 200 ema from the top. It clearly indicate a continuation of bearish trend. I am targeting a 30 pips profit target as subsequently the 60 ema cross 200 ema from above which indicated to take a long position will be a risky endeavour. Closed my position at 88.97 at 1.57 for a profit of 37 pips. Meet by objective of 30 pips profit per session. So within 45 mins trading I met my profit target and stay out after that.
