Hello everyone!
-On a daily time frame we can see that the price reached the upper trendline of an ascending channel and we can see that the price tested and rejected that zone with a bearish candle.
-I am expecting that the price is going to form a shooting star candle which is also a very good sign that the trend might change.
-The Stochastic indicator is showing us an overbought area which is also an additional sign that the bears might take some momentum.
-BUT before taking an action you can wait until the closing of the daily candle and you can find an entry on a lower time frame such as 1h and 4h.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a daily time frame we can see that the price reached the upper trendline of an ascending channel and we can see that the price tested and rejected that zone with a bearish candle.
-I am expecting that the price is going to form a shooting star candle which is also a very good sign that the trend might change.
-The Stochastic indicator is showing us an overbought area which is also an additional sign that the bears might take some momentum.
-BUT before taking an action you can wait until the closing of the daily candle and you can find an entry on a lower time frame such as 1h and 4h.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.