Small trade CADNZD Reject 61.8
This analysis is for a small trade. I have only done this as a paper exercise. I may not trade this as it would go against one of my rules. I will be trading against the main (ascending) trend line.
However,
The daily is forming a pin bar.
The daily has a divergent stochs trend line
On the 4hour there is a bearish engulfing attempting to form.
There is divergence on RSI.
There is a series of lower highs forming.
I am watching the smaller time frame (15mins) and there is a rising wedge forming. A rising wedge is a reversal pattern at this area of structure. Preferable I would use this pattern to provide my entry. I would be able to risk a small amount than trading from higher time frames.
This is at an area of structure.
I will wait and see before doing anything more with this trade.
However,
The daily is forming a pin bar.
The daily has a divergent stochs trend line
On the 4hour there is a bearish engulfing attempting to form.
There is divergence on RSI.
There is a series of lower highs forming.
I am watching the smaller time frame (15mins) and there is a rising wedge forming. A rising wedge is a reversal pattern at this area of structure. Preferable I would use this pattern to provide my entry. I would be able to risk a small amount than trading from higher time frames.
This is at an area of structure.
I will wait and see before doing anything more with this trade.
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