I don't think i need to make it clear more than what it is already...As u can notice after creating a Flag...Price has broke it to the downside so as a trader i will think about taking a short here...But i will say maybe it can be a fake breakout so i will try to achieve more confirmation..As a confirmation i draw the Volume Profile and i found that price has Break also that POC(point of control)of volume Profile so here is another bearish signe ...i set my favorite moving support and resistance (THE MA200) and found it over Candeles another bearish signe ...If u notice also there a structure of H&S pattern here is another bearish signes that's enough ..Going to Sell Now.... Good Luck!!!!!
I have been trading bitcoin for the past 5 years and in that world when a setup is that obvious usually the opposite happens since the whales come in knowing that the majority of traders seeing the opportunity start salivating , overleverage themselves and are then either get liquidated or hit their stops causing a domino effect and huge profits for the bigger players....can the same contrarian logic be applied in the forex markets?
AzzeddineBerhili
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@BitBookkeeper, u said some logic thinks so i agree with u and u can applied the same contrarian yeah .. i m been i crypto trader also mate ..Only one think...in Crypto or forex market...we can't track the real volume bytheway....but since it is helpfull(the volume indicators) so we use it
rossparky50
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I think this too but backed out. What price are you entering ?
AzzeddineBerhili
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@rossparky50, i have already an open trade and i m going to short again if price hits 1.40700-1.41000 and i will kep the same TP and SL
Creator007
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Very good! Congratulations. You gained one more folower :)