The weekly close is imminent and it looks like a strong engulfish bearish candle. General bearish market structure therefore I favour short ideas in order to trade with the macro trend.
On the 1H, I have identified what looks like a bearish orderblock which is also confluent with higher time frame level. My idea is simply to short from the current level down to the monthly level indicated, with a stop loss at the bearish orderblock I have identified. I could increase my R:R if I set the stop at the local swing high instead but want to give more room for the trade to play out.
On the 1H, I have identified what looks like a bearish orderblock which is also confluent with higher time frame level. My idea is simply to short from the current level down to the monthly level indicated, with a stop loss at the bearish orderblock I have identified. I could increase my R:R if I set the stop at the local swing high instead but want to give more room for the trade to play out.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.