6A testing Support/Resistance + Trendline, 4Hr TF Analysis
Market Structure:
- The strong trendline is broken, showing the uptrend is over, but doesn't means trend will reverse.
- In 4Hr timeframe, we can see after the trendline is broken, price retest R1 again but failed to move higher/breakout.
- It looks like moving in range between R1 and S1 in 4Hr TimeFrame, with Lower Highs (No lower Lows) forming a trendline within the range.
- Right now it is testing previous key Support/Resistance and inner trendline inside a range.
Strategy:
- I will keep this in my watchlist and monitor further
- If it break below S1, I will anticipate to go Short.
- If it break above inner trendline, I will waiting to Short near R1
- The strong trendline is broken, showing the uptrend is over, but doesn't means trend will reverse.
- In 4Hr timeframe, we can see after the trendline is broken, price retest R1 again but failed to move higher/breakout.
- It looks like moving in range between R1 and S1 in 4Hr TimeFrame, with Lower Highs (No lower Lows) forming a trendline within the range.
- Right now it is testing previous key Support/Resistance and inner trendline inside a range.
Strategy:
- I will keep this in my watchlist and monitor further
- If it break below S1, I will anticipate to go Short.
- If it break above inner trendline, I will waiting to Short near R1
Comment:
As price developed, it hit resistance, formed false breakout and closed below R1. Bear is now in control. Enter short position near resistance, TP before S1.