Channel downtrend analysis for the next month
Updated
Multiple time frame analysis reveals that the pair has been within a channel trending and swinging as they touch each side of the channel support and resistance.Channel rule: enter after retest if on support = buy if on resistance = sell
Entry: recently broke support on the 4 hour chart printing a bearish engulfing on the new resistance
Entry just after the close bearish candle
Stop loss just above the open of the bearish candle
Take Profit next support
Entry: recently broke support on the 4 hour chart printing a bearish engulfing on the new resistance
Entry just after the close bearish candle
Stop loss just above the open of the bearish candle
Take Profit next support
Trade closed: stop reached
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