Multiple confluences across Daily and 4H. The double Bottom on the daily also coincides with a piercing on the weekly (to the lower Bollinger Band as support) which gives an overall bullish bias to trades.
Market pushed up and retraced to the 61 Fib level, wicking it on the daily and giving a significant bearish engulfing on the 4H which also happens to be at the lower 4H Bollinger Band (Also happens to be a 1D support level).
Due to the size of the impulse bouncing away from the fib level on the 4H, I expect mini pullbacks before going forward. Will be looking to capitalize on the pullbacks on the 1H via JCP once it's below the 4H entry level and within stop loss of course. This will possibly allow better Risk/Reward ratios.
Note: This trade occurred just before market closed on Friday, therefore initial entry was avoided due to possible gaps by the market. Looking for 1H signals to get in.
Market pushed up and retraced to the 61 Fib level, wicking it on the daily and giving a significant bearish engulfing on the 4H which also happens to be at the lower 4H Bollinger Band (Also happens to be a 1D support level).
Due to the size of the impulse bouncing away from the fib level on the 4H, I expect mini pullbacks before going forward. Will be looking to capitalize on the pullbacks on the 1H via JCP once it's below the 4H entry level and within stop loss of course. This will possibly allow better Risk/Reward ratios.
Note: This trade occurred just before market closed on Friday, therefore initial entry was avoided due to possible gaps by the market. Looking for 1H signals to get in.