Confluences for the reversal -
1. Sentiments > 92 % for the bullish side
2. Bullish divergence on 1h and 4h time frame
3. Market is taking rejection forming hammer candle on 4h time frame from a strong support level of daily time frame
4. market is forming head and shoulder pattern inside the consolidation box
5. As the RSI completes its cycle of 80, from daily its evident from the past that market has always bounced back from this level
6. Market is taking rejection from the RSI support zone as marked
Based on the above 6 confluences, i am confident that market will take a reversal from here on 1h time frame.
Entry Plan :
Buy on break-of-neckline
SL: below LL
TP : at the resistance level as market with TP of R:R 1:2
1. Sentiments > 92 % for the bullish side
2. Bullish divergence on 1h and 4h time frame
3. Market is taking rejection forming hammer candle on 4h time frame from a strong support level of daily time frame
4. market is forming head and shoulder pattern inside the consolidation box
5. As the RSI completes its cycle of 80, from daily its evident from the past that market has always bounced back from this level
6. Market is taking rejection from the RSI support zone as marked
Based on the above 6 confluences, i am confident that market will take a reversal from here on 1h time frame.
Entry Plan :
Buy on break-of-neckline
SL: below LL
TP : at the resistance level as market with TP of R:R 1:2
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.