Happy New year everyone!!
Fairly simple idea to go short on EG on the 4HR TF
Price is at a resistance where it has dropped previously (resistance/supply zone). The RSI as well is indicating divergence.
Considering the confluence and price action i would wait for a drop down retest and move back downward before going short to get in a good few pips in.
Let me know if you agree with this or have another outlook.
Lets learn together
Fairly simple idea to go short on EG on the 4HR TF
Price is at a resistance where it has dropped previously (resistance/supply zone). The RSI as well is indicating divergence.
Considering the confluence and price action i would wait for a drop down retest and move back downward before going short to get in a good few pips in.
Let me know if you agree with this or have another outlook.
Lets learn together
Trade active:
Price has moved accordingly. I initiated a small trade and closed it at 0.88122 mark to take profit.
Looks like the idea is working out to form an HnS pattern. Lets wait and watch. Need an implusive move downwards once price moves back up to form the right shoulder. Will go short again then.
Looks like the idea is working out to form an HnS pattern. Lets wait and watch. Need an implusive move downwards once price moves back up to form the right shoulder. Will go short again then.
Trade active:
Looks like the plan is working out perfectly at the moment on the 4HR chart. Awaiting price to correct to 0.88247 and reject to take a short trade finally on this one. ATB