This weeks candle took out 4 previous weekly wicks to the downside. Bearish engulfing from the top, with extremely bearish weekly candle closure on friday.
Next support on weekly is 1.9400, that will be my target for short trades.
Daily closed within the next lower weekly structure, rejected it as resistance after it had broken it the day before on thursday.
Primary entry strategy is to wait for bulls to break the 1h resistance area, to then find short opportunities from the previous 4h support area at 1.9850. This aligns with fibonacci 61.8% retracement level, supporting the bias for shorts from that area.
Should the price gap down on the market open or price continue to fall through current support, then wait for 1.9550 to be hit and short upon a retest of 1.9630 area.
Weekly/daily outlook is bearish, MA-s shooting down.
Next support on weekly is 1.9400, that will be my target for short trades.
Daily closed within the next lower weekly structure, rejected it as resistance after it had broken it the day before on thursday.
Primary entry strategy is to wait for bulls to break the 1h resistance area, to then find short opportunities from the previous 4h support area at 1.9850. This aligns with fibonacci 61.8% retracement level, supporting the bias for shorts from that area.
Should the price gap down on the market open or price continue to fall through current support, then wait for 1.9550 to be hit and short upon a retest of 1.9630 area.
Weekly/daily outlook is bearish, MA-s shooting down.
Note
Missed the initial entry from the top, however, managed to find a short on lower timeframes after intra day structure was broken. Closed the trade in profit due to misleading 4h bullish wick to the previous resistance, that tricked me into believing market bias was about to change. Possibly was affected by other trader bias, which now makes no sense. Pound may recover from the current level, so wont touch this pair until the bias is clear.
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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.