Libra pattern formation looking to form. A short trade with with good R:R (1:3+).
Once price approach the entry zone, I am looking for a rejection of this zone or bearish candle formations such as: a pin bar, dark cloud cover, bearish engulfing, etc.. to enter this trade.
One can go down to a lower timeframe such as H4 to get their entry setup is good too.
We are looking for the bounce off the trend line as indicated which we think should provide good long term support. Thus we are looking to go long and hold this trade for the longer term, the trend channel dates back from 2006/7 and have been in play since.