US30 7/9/2020 (SELL)

9 Jul 2020

I see a great trade setting up on the 1hr/4hr and lower time frames. Price is in a downtrend, which is why I'm looking to sell. I have the zone I predict the market to come down to overall based off the daily chart, where I see potential for a bearish double top formation. If price hits my .705 fibonacci level or even close, it's go time. With the confluence of the .705 level being right at my previous trendline it's a good look. My 4hr/D timeframe RSI provides room for a downfall. As well with my 20,50, & 200 SMA all signaling a downtrend. I'll use my fibonacci levels as take profit's if this trade follows through, lets be patience and see where the market goes.