Bearish to approximately 1.1780. This trade set up is similar to a bump and run reversal, with the exception that the trend line angles are not exactly a prescribed with a bump and run, but the factors that make up the bump and run are still applicable. Expect price to fall to the lead in trendline that also lines up with a respected support zone.
Confluences: trend line break with retest on a lower time frame, bearish pin bar at the reversal point on both the daily and 4 hour charts.
Confluences: trend line break with retest on a lower time frame, bearish pin bar at the reversal point on both the daily and 4 hour charts.
Trade closed: stop reached:
After consolidation price broke the previous significant high where a stop loss would have been placed based on market structure, thus this trade idea is no longer valid.
Inventor of The FiReZ Trading Strategy.
The Charts Are My Art.
The Charts Are My Art.