FCPO - Retracement Begins-  1/26/2015

 

The previous week's sell signal was only confirmed on last Tuesday when price went below 2298. So I have entered a new short trade. The MACD is negative and keeps falling. The Stochastic has now fallen below its 50's signal line and price has closed below the bottom band, both are offering more sell signals. The DMI has also turned negative.
I am placing my stop at above the bottom band.
 

The weekly chart is fast deteriorating as price has closed below the top band. The Stochastic has also turned negative. Both these 2 are flashing an initial sell signal. If I am trading the weekly chart, I would sell if price goes below 2222 in the coming week. The MACD stays positive and continues to rise. But it is still below the zero signal line. The DMI stays positive but the D+ has begun to drop and the D- started to rise. This means the buyers are leaving fast and sellers are rushing back in.
At this stage I would have no choice to read that the prior bullish scenario is been damaged. I have begun to trade from the shorts side until a new bullish signal appears next.