Bullish market appears to be consolidating now - Potential outcome as marked or we see the trend break and we look for signs of a reversal. Some good opportunities for some scalping trades within the ranging market
We can see a double top formed here - Potential for a break below small support zone for a sell trade - or we create rejection from the zone to complete a triple top. Allowing us to move into scale opportunities within the first trade set up - patience
Overall the market is bearish - of late we have seen the bulls take control - Resistant has been tested multiple time without breaking. Currently awaiting rejection and other confluences for a sell trade here. Multiple trades within the set up
I entered this position, aggressively! Looking to further reject the small area of support on multiple occasions, high wicks through for most of the open session. I will manage this trade at the small uptrend line.
A break of the previous support zone, looking for the retest rejection which will also be a rejection of key fib levels. SL behind fib 618 to protect us.
If the candle closes above this area, no valid set up. Possible 1:5 RRR
My first trade is at TP (1:2 RRR) I will await to see if this breaks both resistance and small downtrend prior to another entry long. Should it reject the resistance and respect the downtrend, this may become a valid sell trade.
We had a nice area of exhaustion, I took a buy position (aggressive) on the wick through the BB, taking a profit of 6% (2% risk on a 1:3 RRR). Broke the resistance level, now awaiting a pull back, using the fib levels to 0.382 or 50%. I will await confirmation at these areas prior to any entry. This will also align with a bounce off the centre BB.
First trade hit TP here. Overall, looking at short positions. Awaiting a further push towards the top of the bullish flag pattern which will then provide rejection from previous resistance, Bollinger band break and over bought on the Stoch RSI. 2nd trade would then become active. Await the break of the flag, retest and 3rd entry applicable.
Currently in a bearish market, looking for a rejection of support zone, past few hours we have seen multiple wick rejections. Oversold on the RSI Stochastic. Prior to entry, I will use the 30 minute TF with clear indication of Bollinger break.
Ultimately - I am looking to sell this pair should it reach key fib levels. Cautions to trade against the trend, but it...
The earlier analysis was been worth while today. Although my bias was in-fact to trade the pull back, then look for longs. But using strategy, you must always be aware of all options. This allowed me to enter a 2nd position. Both hitting TP.