This is a very similar structure to EURUSD . The stochs are bottoming out on 4H and 1D are starting to top out. Assuming that the 4H stochs will trigger a retrace and the 1D stochs start to point downward, I will try to enter a trade on the retrace assuming the downward momentum is confirmed.
Support for this idea:
History repeats itself
Stochs appear to be topping out on the 1D
MACD on 4H has has already showed signs of downward pressure but need the same for 1D.
This is a profitable 5:1 trade at T1.
Thanks for taking the time to read this idea. If you found it interesting, please support my efforts by leaving your feedback or questions below and upvote this chart.
Cheers!
These ideas are not financial advice.
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Just a reminder, this is just an idea. We still need to wait and see how this potential trade evolves and react accordingly.