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As you are seeing price is consolidating in a flat line and the previous impulsive was was very strong bearish wave so if we compare those candles with current consolidation candles we will find out that no one is willing to buy this thing and everyone is waiting for another down wave, shorting it now allows us to have very small risk and catch all most the whole ...
As you are seeing price consolidated for some time then fell and tested the demand zone and rejected strongly from the zone, If you check the weekly chart you will see that this week candle is a bullish rejection candle.
If you look to this weak bullish channel at weekly chart you will see it's just a bearish flag pattern and shorting from top of it gives us a good trade with high risk:reward.
As you know I'm not trading on H4 or any other time frame except daily but I just found this clear and perfect H&S pattern, Look how clear is this pattern!
Price broke the pattern and formed a bearish rejection candle after small pull back.
Price pull backed and then formed a bullish engulfing candle at key zone.
The H&S pattern formed and broke out, Price pull backed and now it formed a bullish rejection candle so it's best time for trading this pattern.
As you are seeing we had an H&S pattern then breakout, pull back and now bearish engulfing candle, All of them signaling continuation of down move so let's join the bears.
When price touched the trend line it formed a rejection candle and as you are seeing now the today candle it already broke the rejection candle.
As you are seeing we have a nice and clear double top at top of the up trend and then price declined, After that price pull backed and made another small double top then formed a big bearish engulfing candle.
It pull backed after forming it's last high and touched the previous high then bounced and formed this bullish engulfing candle.
Finally that double top is ready to trade, Price pull backed and we got a bearish engulfing candle after pull back.
I was waiting for this moment for few days since that bearish rejection candle formed and price declined so now it's reached a level that buyers showed them self and they formed a bullish engulfing candle.
Take a look to previous four touches of trend line, On all of them you will find a candle pattern, last one was a bullish inside bar then three other was rejection candles and now it formed another bullish rejection after touched that line.
As you are seeing it formed a bullish rejection candle after touching that zone.
Look how strong price rejected from that zone and formed a nice long bullish rejection candle.
As you are seeing price retraced to 61.8% and then bounced and formed a bullish engulfing candle, If we look to the left side we will see same type of bounce from same zone almost 2 week ago so based on that zone and engulfing candle I'm going to long this looking to last high as target.
As you are seeing price had a pull back and then rejected after touched a key zone, Now the candle closed as a bullish rejection candle so it may make a new high and will touch the next key zone that I highlighted on chart.