1:3 Risk Reward
GlennOaksFX multi-timeframe analysis. This system took over 4 years to develop.
I used to trade all day everyday… now I trade what I see when decide to look at the charts.
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If this 2H candle can close Bearish, it will have successfully created a zone that i personally trade. Looking for a Pinbar or Bearish Harami for confirmation. If the 2H closes bullish it invalidates the trade so don't be trigger-happy and just wait for the candle closure. I have trade set for a smaller TP but i do see this long-term going down a few-hundred pips.
It created an impulse move, which might cause a reversal on the zone it's trading in, if it breaks below the 0.7 zone we'll be looking for it to consolidate gaining enough momentum for a bearish move
if it breaks above the resistance we will wait for a continuation pattern to form then we continue bullish, till the indicated resistance above current trading resistance
We noticed a Bearish Pin Bar formed after a breakout of the ascending channel which we know as the corrective structure and we are resuming the Impulsive move. The weekly pin bar is a good sign that market is gonna move to the downside.
We would analyze the lower timeframe for more confluence and more confirmation