Weekly Trend : Uptrend but reversal pattern is formed on top in the form of a Railway track pattern (Tweezer tops) and a nicely formed Engulfing bar as last weeks trend movement
Daily Trend: Double Top formation to indicate start of retracement move, Engulfing bar formation as last candle of the week (on Friday)
4H Trend: Nice downtrend formation, waiting for a retest to the 50% fibonacci level (of the Daily Engulfing bar) to be used as entry and also waiting for the point of confluence at this level as a clear confirmation signal to enter
Entry point : 74.555 (50% fib level of Daily Engulfing bar)
Stop loss: 75.050 ( Above the high of the Daily Engulfing bar)
Take profit 1: 72.910 (38% fib retracement of weekly trend)
Take profit 2: 72.220 (50% fib retracement of weekly trend)
Daily Trend: Double Top formation to indicate start of retracement move, Engulfing bar formation as last candle of the week (on Friday)
4H Trend: Nice downtrend formation, waiting for a retest to the 50% fibonacci level (of the Daily Engulfing bar) to be used as entry and also waiting for the point of confluence at this level as a clear confirmation signal to enter
Entry point : 74.555 (50% fib level of Daily Engulfing bar)
Stop loss: 75.050 ( Above the high of the Daily Engulfing bar)
Take profit 1: 72.910 (38% fib retracement of weekly trend)
Take profit 2: 72.220 (50% fib retracement of weekly trend)