This is another high risk trade. High risk in the sense of selling into a very strong buying pressure. This can be dangerous if buying pressure does not die off. However, I would classify this as a lower risk because of the potential risk to reward comparison.
A much tighter stop is placed in case this pair experiences further buying pressure. However, I am taking a bearish bias. The push upwards didn't seem to hold and was quickly sold off actually. Notice the long upper candle shadows and how they are bigger than the real bodies of the candlesticks? This shows that sell order entries have been filled quite consistently as buyers attempted to push the price up. I would treat the current condition as consolidation. Since there isn't much movement, the buyers and sellers orders are filled almost simultaneously. There is a very slight imbalance in the order flow, but not much to push the price in one direction.
The bearish bias is due to the upper candle shadows. It doesn't look like new buyers are able to push the price up. This is why I have shorted. The stop loss setting is much tighter than take profit so I'll either close this trade out early or let it run. Keep in mind that the huge move up may have exhausted out the buyers.
