A few days ago price was held within an ascending wedge. Then price broke out of the trendline causing an intense bearish move.
Price is now in a correction phase, currently rejecting higher prices due to resistance zone that used to be a well-respected support.
I'm not a big fan of Fibonacci levels, but for those of you who use it, price is currently rejecting...
Hello guys, here are 4 factors that make me think this pair could go down
- Price has been respecting descending trendline as a resistance
- Formation of an ascending wedge
- 38.2 % fib in sync with with trendline resistance
- Double top (M30) in game
- Possible short position down to base of the wedge, then price could struggle to break through these levels,...
- Price has been supported for a trendline since last December
-Broke out to the down side
- Now retesting
- Pin bar in the H4 rejecting area of resistance (there's also a candle in the daily chart rejecting this area)
- Waiting for confirmation (e.g. bearish engulfing candle)
- Posible target to previous area of buyers
What do you think?
-Price has been supported by an ascending trendline formed back in February
-Price has compressed into these 2 sensitivity areas (blue rectangles)
-Possible formation of a Double Top
-Price has been rejecting upper zones
-Waiting for confirmation (pin bar or bearish engulfing candle) in order to go SHORT
-Could have the potential to break off the trendline (with...
Price has been supported by a trendline formed on April in the 4h chart.
Now has broken this trendline, and retesting previous area of sensitivity.
I'll wait for a confirmation. Could be a large pin bar or a bearish engulfing candle in order to go SHORT.
What's your view of this?