This is a trade setup based on timeframe agreement and price action.
Looking at the relationship across the timeframes, these are some of the things to take notice of:
====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price is overbought, interacting with the upper linear regression channel.
====LOWER TIMEFRAMES====
The H4 also shows good signs of bearishness, although there are some clear signs of recent support as discussed in the video. A more conservative trade would be waiting for that support to break and the price to pull back.
The H1 and lower timeframes show good signs of bearishness, with lower lows and lower highs.
====STOPLOSS PLACEMENT====
A good level for the stoploss is above the most recent resistance evident on the daily. This clears the previous lower high in the down trend and is also outside the liner regression channel.
====PROFIT TAKING====
Can consider taking initial profits on 1:1. However, if the price breaks the most recent lower low on the daily, there is a lot of scope for the price to potentially move lower.
See link below for the video description of this.
Looking at the relationship across the timeframes, these are some of the things to take notice of:
====DAILY CHART====
The daily chart shows good evidence of bearishness: there are lower lows and lower high; and the price is overbought, interacting with the upper linear regression channel.
====LOWER TIMEFRAMES====
The H4 also shows good signs of bearishness, although there are some clear signs of recent support as discussed in the video. A more conservative trade would be waiting for that support to break and the price to pull back.
The H1 and lower timeframes show good signs of bearishness, with lower lows and lower highs.
====STOPLOSS PLACEMENT====
A good level for the stoploss is above the most recent resistance evident on the daily. This clears the previous lower high in the down trend and is also outside the liner regression channel.
====PROFIT TAKING====
Can consider taking initial profits on 1:1. However, if the price breaks the most recent lower low on the daily, there is a lot of scope for the price to potentially move lower.
See link below for the video description of this.
Trade closed: target reached:
1:1 comfortably achieved.
