very well and clean bearish market structure in 4H time frame, price forming lower lows and lower highs and right now price seems like to forming another LH.
Price currently testing short term bullish corrective upper channel line which act as a resistance for the price. moreover, price is at static resistance area which add to our bearish confluences.
Should be noted that price is below 4H EMA and 4H bearish trendline as you can see in the picture. Also in 1H time frame price formed bearish hammer candlestick formation.
Price currently testing short term bullish corrective upper channel line which act as a resistance for the price. moreover, price is at static resistance area which add to our bearish confluences.
Should be noted that price is below 4H EMA and 4H bearish trendline as you can see in the picture. Also in 1H time frame price formed bearish hammer candlestick formation.
Trade active:
since price failed to move impulsively towards the bullish channel lower line and as there is actually some risk about price coming higher to test the area once more or 4H time frame EMA our stop loss has shifted to breakeven...
Trade closed: target reached:
target reached...
