Based on a thorough analysis of the 4-hour time frame, several technical indicators indicate a potentially bearish outlook for the U/C. Firstly, the weekly pivot point is positioned above the current price, suggesting a bearish bias in the overall market sentiment. Furthermore, the emergence of a bearish engulfing pattern at the EMA and weekly pivot point, strengthens the case for a potential downward movement in the U/C. This pattern signifies a shift in market sentiment from bullish to bearish, as the bears have overtaken the bulls in terms of control and dominance. Based on these technical signals, a possible trade setup can be proposed. A prudent entry point for a short position is identified at 0.90150. To effectively manage risk, a stop loss (SL) should be set at 0.90500, which serves as a predetermined price level at which the trade will be closed to limit potential losses. Considering the bearish outlook, a target profit (TP) level of 0.89 is recommended. This level reflects a price point where the trader expects the U/C market to reach, taking into account the bearish momentum and potential downward movement indicated by the technical analysis. It is important to note that trading decisions should be made based on a comprehensive analysis of various factors, including fundamental and technical indicators, as well as risk management strategies. Traders are advised to exercise caution and conduct their own research before entering any trade position.
Comment:
good trade .... wrong timinig
Order cancelled