Pattern Based Trading w/ bearish bias of formation of LH and LL.
Hi guys on the HR 4 timeframe price is moving to the downside as we have a formation of new lower highs and new lower lows giving as a down trending market with a bearish bias.
We now also have a bearish pattern formation biased with being bears on this one. A bear cypher and bear shark at its near completion to enter short and targets on the 38.20 and 61.80% fibo upon pattern completion. Stops just above the patterns X point as market could be in a downtrending one. Price breaking the X point will now invalidate the possible market movement down as it is in a downtrend state and giving you now a new initial higher high.
Good luck and trade with care.
We now also have a bearish pattern formation biased with being bears on this one. A bear cypher and bear shark at its near completion to enter short and targets on the 38.20 and 61.80% fibo upon pattern completion. Stops just above the patterns X point as market could be in a downtrending one. Price breaking the X point will now invalidate the possible market movement down as it is in a downtrend state and giving you now a new initial higher high.
Good luck and trade with care.