Hey guys,
my usual analysis starts from higher timeframes such as the daily. There i've highlighted a key level of structure looking left, a resistance area that could stop the price's rally. As i go down on lower timeframe such as 4h i can see there are two tests of this specific level (also a psychological level, 79.00) both failing in making new highs. This makes me think a reversal could be setting up and therefore i'm getting involved in the short side of this, with stops above the highs and target1 at the retest of the lows; target 2 to be determined.
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
my usual analysis starts from higher timeframes such as the daily. There i've highlighted a key level of structure looking left, a resistance area that could stop the price's rally. As i go down on lower timeframe such as 4h i can see there are two tests of this specific level (also a psychological level, 79.00) both failing in making new highs. This makes me think a reversal could be setting up and therefore i'm getting involved in the short side of this, with stops above the highs and target1 at the retest of the lows; target 2 to be determined.
If you want to share your view or simply ask questions, feel free to comment below.
Otherwise, see you in the next chart!
Trade closed: stop reached