On the H4 chart, the price seems to be rejected by the confluence of the two trendlines. Even though the price rejection is not yet confirmed, I decided to go short as the stoploss is only 97 pips away.
Meanwhile, the 1st profit taking objective is at the region of the previous low; therefore, the reward:risk ratio is about 2:1 which is acceptable.
Below is the H4 chart as of 6 am Malaysia.
Meanwhile, the 1st profit taking objective is at the region of the previous low; therefore, the reward:risk ratio is about 2:1 which is acceptable.
Below is the H4 chart as of 6 am Malaysia.
UPDATE :
5 pm - Stoploss hit. Will stay out of market now.
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