*Correction: It's a LH not LL on the weekly chart
This is an attempt to demonstrate one way I use to approach the market and find potenital trades.
Starting from the higher time-frame - Weekly Chart
Going to the lower time-frame - Four-hour Chart
If no confirmation, no trade
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This is an attempt to demonstrate one way I use to approach the market and find potenital trades.
Starting from the higher time-frame - Weekly Chart
- identinfied highs and lows to clearly identify the trend(Bearish)
- Drawn the main falling trend line, and the fibonacci retracement levels.
- The latest upside pullback have reached the trend line and near the latest "L" and 38.2 retracement level
- The price formed a long-legged doji candle then a shooting star candle near that resistance area and trend line
- The price is retesting the low of the doji candle which is in my view key to a bearish resumption of the overall bearish trend.
Going to the lower time-frame - Four-hour Chart
- I have identified all the higher highs and higher lows for the recent major upside pullback.
- The price has recently broken the latest "HL" and thus has damaged the structure of higher highs and higher lows. and started a new possible structure of lower highs and lower lows.
- A pullback towards the area of interest or near that, then a bearish pin bar or a double top pattern could be the trigger for my short position,
If no confirmation, no trade
-----------------------------------------------------------------------------------------------------------------------------------------------------------
Be one of the first members of my new trading portal, check my new website thefxchannel.com/ , vote and subscribe. Thank you
Good luck, keep your stops tight..
twitter.com/thefxchannel
www.facebook.com/thefxchannel
plus.google.com/+Thefxchannel0
My best regards
Technician