The pair couldn't break above the corrective structure and is now heading down after being rejected at the top, the structure looks to be ending soon so a short from here can open up doors for a break below and resumption of the down trend for long term.
IMPORTANT: The setups posted here are not trade calls or signals and are intended for informative purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit thepiphunter.com and subscribe.
Comments
nahidik
⋅
Thanks for the chart idea. I am curious about your upper pattern line and why you put it there. You may well be correct but if it bounces up for another high do you re-adjust it? How far down must it go before you consider it a pivot? Thanks for the info in advance. I am looking for another upward thrust to hit the HTF .382 retracement before the bigger move down.
piphunters
⋅
well it's sort of a flag and my idea for short is mostly based on the action in 1 hr time frame even though it's shown in 4hr for clarity and if any reversals are to come they would have be really big and we can get a BE before that can happen.
nahidik
⋅
thanks for the explanation. May your pip safaris bring you trophies.