As price action puts up Lower lows and Lower highs followed by lower low and another probably lower high, I am expecting the price to reverse and reach 1.06826. Price action reached the previous structure resistance followed by hidden Rsi divergence which gives an indication that it may thrust downwards. Entry level: 1.07381 Stop loss : 1.07937 Target : 1.06826
Hourly indeed looks like a short, but when I look at the last daily candle, I have my doubts, big downside rejection there. I will need more confirmation.
Trader-Mick
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Hey, Nico! Thank you for sharing the daily time frame chart.Would love to see the price hitting the lower trend line :P! Fingers crossed :D
Nico.Muselle
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Serious gap up on the open this Sunday it seems ...
Trader-Mick
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Hahah! Yes nico! and I was lucky enough to say aside! How am I going to take it if it opened above my Sl. Haha! :D
hhh71
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Hi Nico,
confirmation is double top on daily at trend line . and double top on weekly .look @weekly double top canlesticks
Cheers
Nico.Muselle
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Hi hhh71, for me personally that is not a confirmation as the gap between the weekly time frame and the hourly (on which this idea would be triggered) is way too high. If you look at the double top on the weekly and all price action that has happened above the close of those 2 candles, you'll understand what I mean.
Nevertheless, I'm not saying that it cannot go down from here, just saying that for me this is a trade I would not take as the daily and hourly charts contradict the direction. :)
PooyaSalehipour
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agree with you. but your stoplose is too wide. not necessary to open position with 1/1 risk and reward.
Trader-Mick
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If the strategy gives you 60% wins then its worth trading with 1:1.
PooyaSalehipour
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sorry it just an idea. i have ever follow you anytime.