Last week’s price action is forming lower lows and lower highs, indicating a clear bearish structure.
The lower highs have consistently been formed below the previous week’s high, aligning with resistance and the daily EMA, which adds confluence to the downside.
This current setup appears similar.
Today, the daily candle has broken the previous daily low, and the high is lower than the previous day’s high, suggesting increasing bearish momentum.
Additionally, we saw a retest of the bearish channel, followed by a break below the 4H EMA, reinforcing the bearish bias.
With all these confluences aligned, I have enough confirmation to take a short position.
The lower highs have consistently been formed below the previous week’s high, aligning with resistance and the daily EMA, which adds confluence to the downside.
This current setup appears similar.
Today, the daily candle has broken the previous daily low, and the high is lower than the previous day’s high, suggesting increasing bearish momentum.
Additionally, we saw a retest of the bearish channel, followed by a break below the 4H EMA, reinforcing the bearish bias.
With all these confluences aligned, I have enough confirmation to take a short position.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.