1. Weekly timeframe: - Big Bearish trend bar after Market reaching to weekly resistance zone. 2. Daily timeframe: - Market broke the uptrend structure. 3. H4 timeframe: - New resistance zone was created near the uptrend structure break. After reaching to this resistance zone, market created a new resistance zone -> This tell us about seller pressure is coming. - Beside it, for trading pattern, We can see the 1st TOP of W pattern appeared -> Where is the 2nd TOP of this pattern? at this time. engulfing appeared -> This signal for 2nd leg. => So, with these informations, + New resistance + 2 top pattern -> We can place the sell order with stoploss above the 1st TOP.
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Market has already broken down the hammer of daily TF -> Confirm downtrend!
Trade closed: target reached
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Done. Market hit TP. - Related strong bearish trendbar, With Market in downtrend. Price will keep going down. So, if you still hold the sell order, i think you should leave your stoploss. Do not lose erverything.