As you can see, 4 hour candles break below support level and fail to close above after retesting this level (highlighted in orange) nearly four times. Previous to that is a head and shoulders pattern bouncing off of a long term trend-line I have marked up on the daily chart, creating a lower high, continuing the downtrend.
Additionally, price respects the neckline of the head and shoulders pattern coupled with a perfect 38.2 retracement from the previous swing high.
Additionally, price respects the neckline of the head and shoulders pattern coupled with a perfect 38.2 retracement from the previous swing high.
Trade active
Note
If price can break this support, the next ride should be smooth sailing
Note
Trade closed: target reached
The first entry on this trade was closed at +350 profits after failing to close below the support zone on the 4 hour. However, a new position has been taken based on the screenshot I have posted above.Trade active
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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.