Market Trend: Bullish (Daily)
Dominant Trend: (D, W, M)
1. Price closed below monthly/weekly @ 1.01800
2. Monthly chart shows a high test ( ) & pattern
3. Weekly chart displays a candle within an + the proceeding
gaps lower and is creating a high test candle
The Daily Chart: What I'm Waiting For
Due to the higher time frames screaming reversal on the monthly/weekly chart,
I'm now looking for evidence on the to stack confluence in my favor.
This is my go to setup on the lower time frames (1HR & 4HR) , so to see this on the daily it's quite significant.
Here's what I'm asking myself before taking this position:
Is this pair ready to be shorted? No. Not yet.
What does price need to do in order to convince me it's ready to be sold?
The following on daily chart:
1. Close below both the 50 and upward sloping
2. Price then needs to pullback to the resistance or key
to be considered an ideal entry
3. pattern at or near resistance levels
What's your go to setup?
Let me know in the comments below!