Back down Under

Good Evening Dynamic Traders,

May I congratulate Saba, on the sister blog, with her move to a full Trading career, I would like to wish her every success with her chosen route, and sincerely hope that she finds financial freedom in the very near future. Go Girl ! ! !

Apologies to readers of the blog for not posting yesterday evening, but was again travelling back up north after having a mentoring class with Javid, and was too late to start analysis with an early morning looming.

Tonight I thought I would bring your attention to yet another possible bearish flag which could lead to a continuation of the downtrend. At present confluences are building, and could lead to a move shortly. The daily has got a nice doji forming, although as always when I am updating, the candle is not complete.

The 4 hourly has hit a fib. breather and cluster level, although the higher breather is clustered too, and both are in proximity to RN's.

I shall let you do your own analysis on this pair as normal, but please note that the RSI is below fifty, and that todays candle has hit a former S and R zone, however please be aware that we are at a RN at the moment, so your ESLT could be used for a break above the zone if we go that way or of the trendline on the lower timeframes for a break south, either way work it into your entry plan.

Charts courtesy of TradeStation.

Good luck for your trading week ahead,

Clayton Farnworth.