H4 we have bearish divergence, I'm looking at H4 as either bullish running or expanding flat, I am very much bullish on H4 timeframe but that doesn't mean we cant scalp the lower timeframe's when knowing the risk's (see pic below)
H1 I see nice ABC up with bearish divergence and nice impulse down breaking TL. (see pic below)
M15 We have nice H1 TL break and I see the possibility of a bearish running flat. Patience is needed and I defiantly don't advise scalping the C up unless your an experienced trader, the larger impulse is to the downside. It's important to note the internal B wave may not be over but on M5 there is a ABC with bullish divergence in the M15 B wave so I don't recommend selling bear flag's on the lower time frames here unless your an experienced trader. What I want to see is the internal M15 C up then a bear flag on the M5 to confirm more downside to come before jumping into the sell, Patience is needed.
For the TP and SL we need the C up so I will update the idea when we have more data. Lastly a running flat can easily turn into an expanding flat as no one knows where wave C will end so wait for confirmation before jumping in!
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To trade the lower timeframe's you need to know what to expect on the larger timeframe's so here is what I'm looking at on the H4 and H1 chart's.
H4 Chart
H1 Chart
H1 I see nice ABC up with bearish divergence and nice impulse down breaking TL. (see pic below)
M15 We have nice H1 TL break and I see the possibility of a bearish running flat. Patience is needed and I defiantly don't advise scalping the C up unless your an experienced trader, the larger impulse is to the downside. It's important to note the internal B wave may not be over but on M5 there is a ABC with bullish divergence in the M15 B wave so I don't recommend selling bear flag's on the lower time frames here unless your an experienced trader. What I want to see is the internal M15 C up then a bear flag on the M5 to confirm more downside to come before jumping into the sell, Patience is needed.
For the TP and SL we need the C up so I will update the idea when we have more data. Lastly a running flat can easily turn into an expanding flat as no one knows where wave C will end so wait for confirmation before jumping in!
If you would like to see more trade setups like this, hit the follow button, If you like my analysis, hit the thumbs up so others get the chance to see this potential setup and you get update's.
Thank's to all the traders in advance that hit the thumbs for your support!
To trade the lower timeframe's you need to know what to expect on the larger timeframe's so here is what I'm looking at on the H4 and H1 chart's.
H4 Chart
Comment:
Forgot to add red line is invalidation point for this setup if your not in the trade looking for bear flag
1st TP 100fib and 2nd TP I'll hold med. term for the H4 running or expanding flat.