Hey,
1) Consolidation has formed and pressure is mounting. Support line drawn and trend line drawn showing a descending triangle. = Bearish
2) Rectangle highlights the consolidation pattern
3) All patterns have broken to the short side
4) Volume is increasing confirming this move will continue
5) Break occurred but with a long lower shadow, there has been a retest of this line and rejection which is a bearish sign
6) Wait for another Bearish momentum candle, if this happens go short. If no rejection/conformation candle occurs (Very little lower shadow) avoid the trade and wait for a better entry.
Im happy to go short here, Take profit 2 X ATR and Stop loss 1.5 X ATR
1) Consolidation has formed and pressure is mounting. Support line drawn and trend line drawn showing a descending triangle. = Bearish
2) Rectangle highlights the consolidation pattern
3) All patterns have broken to the short side
4) Volume is increasing confirming this move will continue
5) Break occurred but with a long lower shadow, there has been a retest of this line and rejection which is a bearish sign
6) Wait for another Bearish momentum candle, if this happens go short. If no rejection/conformation candle occurs (Very little lower shadow) avoid the trade and wait for a better entry.
Im happy to go short here, Take profit 2 X ATR and Stop loss 1.5 X ATR