Daily chart making series of LH- lower highs suggesting price is in its continuation pattern to the downside.
Inner trendline on daily with 3 touches and candlestick reversal pattern infers price is already looking to short.
On the 4HR lookout for more confluence such as MA crossovers, counter trendline break and candlestick pattern which will give an opportunity...
As soon as daily formed LH while respecting the downward slopping bearish trendline, notice price close with a strong bearish momentum. In anticipation of a pullback, stepping to a lower timeframe, notice how 1H demonstrates bullish MACD divergence. Fib retracement drawn, trade was executed 0.9217 with 75 pips target (around the next area of resistance)
Weekly shows consolidation at Fibonacci Retracement Level. Moving to one time-frame lower, there is a shift in movement from uptrend to downtrend and support level is broken on 4H time-frame. An impulse is expected to the downside.
Entry after a retest.
R:R = 1:1.2
A short setup is coming into play. Price now is looking extended as we approach daily resistance where multiple rejections and decline in strength are seen. Price continues to show exhaustion, yet buyers are not giving up. However, upon a break and close into the bearish zone will validate this setup. Until then we will be monitoring, stacking confluence and...
A long setup is coming into play. Price is showing exhaustion as there are multiple rejections in the same area indicating a decline in strength where buyers are trying to take control. However, upon a break and close into the bullish zone will validate this setup. Until then we will be monitoring and stacking confluence.
Short setup coming into play. Price is in bullish territory sitting on-resistance (buyers zone). However, there's a decline in strength indicating a short setup is imminent. Upon a break and close of 0.6520 - 0.6516 will validate this setup. Until then we will be monitoring and stacking confluence.
Short setup is coming into play. Price is showing exhaustion as it forms an H&S pattern indicating a decline in strength which infers sellers are fighting to take control. However, only upon a break and close below the neckline will validate this setup. Until then we will be monitoring and stacking confluence.
