( SHORT in progress) week50 EURCAD D1 countertrend from resistance

D1

week to week has been uptrend.
However a resistance confluence has been formed at current price range nearing ~1.5000
I am looking at this as a testing area for $1.50 , a psychological price level.

week50 EURCAD D1 shootimg star 171215

h4

On h4 the price action has furthur stoke dup my desire to short this chart despite the fierce upmove for the past 2 weeks. I am looking at 2 X shooting star, which has also been in the formed of bearish engulfing #trappedtraders signal.

Lastly, another tenet of price action will also be the timing of the candle. I see the formation of these candles w.r.t FOMC last night which should have caused some shakeout.

Hence when the market opens at the next session all traders should see this as a short of long exhaustion.

The psychology will be that there will be profit taking on the long side and there could be some reversal players coming in for a speculative play. All these, I hope will help to herald the start of bearish momentum.

week50 EURCAD h4 shootimg star  trappedtraders 171215

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