2 minutes ago
PRICE IS CURRENTLY ON A WEEKLY RESISTANCE
PRICE IS MAKING LH AND LL ON THE 1H TF
3RD TOUCHING ON THE TRENDLINE
FOR THE SETUP TO COMPLETE PRICE NEED TO BREAK OUT AND CLOSE OUTSIDE OF THE TREND BEFORE ENTERING.
Previous day candle stick close with a strong bullish candle signaling that the uptrend has begin after a long time consolidation, price now break a key level resistance with a strong bullish can on 4h and H1, price is currently making retest of the previous resistance turn support on both H4 and H1, using fib retracement you see that price is currently on 50%...
Price action is rejecting the support turn resistance after the H4 breakout, price is has also broken and close above the trend line.. price is rejecting both the 50EMA, Daily resistance and 14EMA and 50 EMA is about to cross.
OVERALL TREND FROM HIGH TIME FRAME IS DOWN
PRICE HAS RETESTED DAILY RESISTANCE AFTER THE DAILY BREAKOUT
AND PRICE IS ALSO REJECTING THE DAILY ZONE ON 4H WITH LOST OF RANGING IN THAT AREA
BUT THERE WILL BE A GBP NEW TOMORROW, SO WE STILL HAVE TO WATCH FOR NOW
Weekly Trend is down trend
on daily Time frame there was a restest on weekly support
We had time frame confluence due to the restest of weekly resistance and also the restest was done on the daily.
Wait for the close of the bearish candle on 1H or 4H before going short.
Risk reward 4:8
Time frame confluence: Week show a bearish formation, same as daily
Pattern: There is a double top formation on both weekly and daily time frame
Price has reject the 50 EMA twice
Target: 0.6500, which is closer to the next Daily SR
Risk Reward is 2:9