The 4h downtrend started early last week has been broken towards the end of the week, creating a new upwards trend above 50 EMA which is my favorite formation, reaching the same level of structure before tanking a little bit bouncing on the trendline support. I will be expecting the price to break that level of structure then pullback where I will be waiting for the right candle formation to enter the trade, expecting the price to bounce reaching the upper level of the upwards channels structure on 1d timeframe. Trade management 2:1 where SL to move to breakeven once 1:1 is reached. Pretty exciting, ha? Tell me about your thoughts.
Comment:
Price action played exactly as I anticipated in my analysis posted earlier, yet I didn't get the right candle formation to get into the trade. Without a proper candle formation, I will not get into the trade, especially it is close to the upper limit of the channel, which is a sign of bearishness. I will wait and see!
Order cancelled:
I rightfully didn't get into the trade due to the downside movement that was not compensated by enough buyers, leading to a fall of the price below our area of focus. Trade to disqualified.