If you see this Monthly chart, it's obvious that my main bias will be Short for this one.
You don't want to buy at Monthly highs or a zone full of Sell orders waiting to get filled in.
We have rejected the Monthly S&D zone and we have completed the Monthly -27 Fib.
These are indications for a Short set-up.
Is it possible to break this zone to the upside? Yes of course, but it would require a lot of power.
You don't want to buy at Monthly highs or a zone full of Sell orders waiting to get filled in.
We have rejected the Monthly S&D zone and we have completed the Monthly -27 Fib.
These are indications for a Short set-up.
Is it possible to break this zone to the upside? Yes of course, but it would require a lot of power.
Note
On the weekly chart, you can see some corrective price action. We have received a Bullish impulse, followed by relief with the trend.
This ascending channel is an indication that the Bulls are getting tired while the Bears are gaining power.
We do expect the price to make a Solid bearish move, but we need some more confirmations on the Daily chart.
Note
On the Daily chart, we broke the ascending trend (line) and the last HL. These were indications for a short set-up.
We have received our confirmation in the form of a Head & Shoulders pattern.
We have a clear S&D zone, acting as resistance at the moment and aligning with our 61.80 Fib level.
We have received a clear Daily pattern, so i want to determine my precise entry on the 4H chart now.
Note
Best case scenario would be a Head & Shoulders pattern as confirmation on the 4H chart. I want an impulsive break of the last HL and a retest of the Shoulder 1 region.
Let's see what the market will give us and let's anticipate on it.
Note
This could possibly be my 4H entry.We have received a clear Bearish push as indication that the bears are actually there.
Clear supply & demand zone at the 78.60 Fib level.
I want to see clear signs of deceleration before considering this short position.
Note
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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.