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Heavy rejection at the 1D resistance, the price closed below the uptrend channel giving a good short signal and the price is sitting at the demand zone .
Downtrend confirmation is required before going short, if the next 4H candle closes in or below the demand zone there could be a good short entry opportunity:
Entry: 0.66190
SL: 0.66518 (Return to the bullish uptrend)
TP1: 0.65208 (Above the 1W now support trendline)
TP2: 0.64112 (Previous support before the possible H&S formation)
TP3: 0.60199 (Return to the previous 4H channel
TP4: 0.57309 (Testing of the bottom)
Don´t take this as an actual trading advice, just sharing my ideas. I´m still a novice trader so I would really appreciate your feedback and thoughts!
Downtrend confirmation is required before going short, if the next 4H candle closes in or below the demand zone there could be a good short entry opportunity:
Entry: 0.66190
SL: 0.66518 (Return to the bullish uptrend)
TP1: 0.65208 (Above the 1W now support trendline)
TP2: 0.64112 (Previous support before the possible H&S formation)
TP3: 0.60199 (Return to the previous 4H channel
TP4: 0.57309 (Testing of the bottom)
Don´t take this as an actual trading advice, just sharing my ideas. I´m still a novice trader so I would really appreciate your feedback and thoughts!
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