The weekly timeframe outlines a bigger bearish flag pattern with already prior 3 touch confirmations followed by lower lows towards the bottom of the flag. Considering the approach towards the bottom of the channel we see a lower time frame (4hr) flag pattern which we can evaluate from the analysis I have posted above. Trade active after the third touch confirmation on the top of the bearish flag pattern, will be forecasting a break towards the downside. I have mirrored the bearish leg using the bar tool to display similar movement that we can expect.
Trade active
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Trade retraced for a double confirmation on its higher zone, trade remains active for a longer short.
Comment
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Trade retraced for triple top confirmation, trade still remains active.
Trade closed: stop reached
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Comment
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Market forces acted against us unfortunately, probability of the markets played out and reached the stop.
Sound analysis! You don't obscure your chart with indicators but instead focus on price action. I look forward to seeing more analysis from you in the future. Keep it up and you can become a top author.
Alam-FX
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@CallumKalley, Thank you sir really appreciate it, simplicity of the charts are the key to capitalise on big returns.