HELLO GUYS, I am looking forward to short currently on this particular pair, and the reasons behind shorting this pair are:
1. The faded white zone comes right from the daily timeframe
2. Dropping down to the lower timeframe (1hr to take my entry)
3. On the 1hr timeframe, currently we are forming the pattern of head and shoulders
Therefore,
My entry will be based on the retest and rejection of the right shoulder, if those criteria are not met i won't going on for a short trade. And if eventually the price broke out of the resistance level coming from the daily timeframe, i will look for retest and rejection on the same zone for long entry.
1. The faded white zone comes right from the daily timeframe
2. Dropping down to the lower timeframe (1hr to take my entry)
3. On the 1hr timeframe, currently we are forming the pattern of head and shoulders
Therefore,
My entry will be based on the retest and rejection of the right shoulder, if those criteria are not met i won't going on for a short trade. And if eventually the price broke out of the resistance level coming from the daily timeframe, i will look for retest and rejection on the same zone for long entry.