Notice the failed evening star pattern in H1? So everything was right, for a bearish turn we have the upper trendline, the 50% fibs, the double top formation and the bearish candle pattern. if you would judge based on H1, the decision to sell short would have been an unwise one. Looking into H4, we see the completion of the bull candle and also a higher high. This is the answer for the failure of the formation in H1. A higher high shows bull momentum is strong, while a closer look at the H4 canlde disclose that 75% of the session in H4 was actually very bullish. So instead of looking to sell short, a better alternative is to expect a minor retracement to join the bulls instead or stay sidelines.
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