IDEA: The daily chart shows a clear bearish channel, as well as seen on the 1h time frame. We can also see a bounce and failure to pusher higher than our 0.50 Fib level. At the moment just looking for a quick scalp towards 1915.00 and 1908.00.
CONCLUSION: We have 3 areas of confluence and reason for entering our sells here:
Bounce off daily bearish channel resistance
Another bounce off 1h bearish channel resistance
Failure to push above 0.50 Fib level
Trade risk/reward ratio: 1:2.10
Always remember to apply proper risk management. The above are only for speculation and educational purposes and should not be construed to be investment advice of any kind.
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