Trend: The overall trend of the script is downwards. Making a series of LL and LH according to DOW theory.
Support and Resistance: Blue lines indicate the S/R in the weekly time frame while red lines indicate it in the daily and 4hr time frame.
Short Position Justification: Two bearish candles spotted on the LH of the chart, just below the daily resistance which indicates the price will likely move down from here as it is unable to break the resistance area.
SL: It is placed just above the LH in the chart.
TP1: Placed near the support level.
TP2: Placed at the LL in the chart.
Support and Resistance: Blue lines indicate the S/R in the weekly time frame while red lines indicate it in the daily and 4hr time frame.
Short Position Justification: Two bearish candles spotted on the LH of the chart, just below the daily resistance which indicates the price will likely move down from here as it is unable to break the resistance area.
SL: It is placed just above the LH in the chart.
TP1: Placed near the support level.
TP2: Placed at the LL in the chart.
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.
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.