BEARISH BIAS
Updated
This currency pair did not perform quite good in this week. So been waiting for bearish setups.
Okay to make clarity of my analysis and why im looking at that black zone and not the dotted is because im considering it as a breakout/retest movement, its more of a fulfilled prophecy and one of the breakout setups, so we saw the market breaking below the black zone and from the retest and we saw a magnificent move to the downside so with that i am looking as well for further bearish movement in that same zone
With that being said...from a daily time frame we saw rejection candlesticks that have been formed during the course of the week and with today closing with a bearish engulfing, im 60% convinced to go down following this trend since we have no setup for an uptrend NEITHER DO WE HAVE A change of trend.
However i just take this trade and if it goes the way we predict, its gonna reward us handsomely. i will not wait for further push down because the risk will be too big incase it goes Against our trade and ts somehow inevitable
Okay to make clarity of my analysis and why im looking at that black zone and not the dotted is because im considering it as a breakout/retest movement, its more of a fulfilled prophecy and one of the breakout setups, so we saw the market breaking below the black zone and from the retest and we saw a magnificent move to the downside so with that i am looking as well for further bearish movement in that same zone
With that being said...from a daily time frame we saw rejection candlesticks that have been formed during the course of the week and with today closing with a bearish engulfing, im 60% convinced to go down following this trend since we have no setup for an uptrend NEITHER DO WE HAVE A change of trend.
However i just take this trade and if it goes the way we predict, its gonna reward us handsomely. i will not wait for further push down because the risk will be too big incase it goes Against our trade and ts somehow inevitable
Trade closed: target reached
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