Hello everyone this is my idea for ETH/USD on 4 hour time frame
we had a fake bearish breakout .. for Head and shoulder pattern if 4 hour candle closed below green line .. and we did however
Notice the first candle closed below green line
and then the second candle got a nice rejection from green line
but buyers pushed the price above green line ..
now green line became support ... bulls are safe as long no 4 hour candle close below green line ..
Green line is well defended now
I expect things to turn bearish again if price close below green line
Our idea is to sell when price approach the black line in the RSI indicator which could give us a nice sell off .. and a head and shoulder bearish pattern can unfold .. and if price close below green line which will give us a good R:R
but this idea is risky .. the safer idea is
for bulls ..
to buy if 4 hour candle close above red line .. which give us a safe trade to target 1600 … stop loss 4 hour candle close below red line .. good R:R trade after price close above red line .. red line should be strong support
for bears ..
to sell if 4 hour candle close below green line which give us a good sign that price has bearish action and short with target 750-800 area
for any question feel free to ask and good luck :)
we had a fake bearish breakout .. for Head and shoulder pattern if 4 hour candle closed below green line .. and we did however
Notice the first candle closed below green line
and then the second candle got a nice rejection from green line
but buyers pushed the price above green line ..
now green line became support ... bulls are safe as long no 4 hour candle close below green line ..
Green line is well defended now
I expect things to turn bearish again if price close below green line
Our idea is to sell when price approach the black line in the RSI indicator which could give us a nice sell off .. and a head and shoulder bearish pattern can unfold .. and if price close below green line which will give us a good R:R
but this idea is risky .. the safer idea is
for bulls ..
to buy if 4 hour candle close above red line .. which give us a safe trade to target 1600 … stop loss 4 hour candle close below red line .. good R:R trade after price close above red line .. red line should be strong support
for bears ..
to sell if 4 hour candle close below green line which give us a good sign that price has bearish action and short with target 750-800 area
for any question feel free to ask and good luck :)