Monthly is closing in 2 days, I'm anticipating that price would close below 1.37777 level. This puts my HTF bias bearish. In confluence with Weekly, price closed at the key level on my chart, rejecting to push further up, adding to the overall story-telling of mine.
On the LTF we can see that price is relatively bullish in structure which contradicts with the HTF analysis. This is where I'm using probabilities and RRR to compensate for this trade idea. I may be wrong, but I'm entering because the entry is close to the zone, which yields the best RRR.
If you look at the chart, you would see multiple top rejections that failed to even pierce/tap the previous high as highlighted. This was my entry setup anticipating that selling pressure would outweigh buying pressure in accordance to the HTF market structure and price action
On the LTF we can see that price is relatively bullish in structure which contradicts with the HTF analysis. This is where I'm using probabilities and RRR to compensate for this trade idea. I may be wrong, but I'm entering because the entry is close to the zone, which yields the best RRR.
If you look at the chart, you would see multiple top rejections that failed to even pierce/tap the previous high as highlighted. This was my entry setup anticipating that selling pressure would outweigh buying pressure in accordance to the HTF market structure and price action
Note
If you look at the Stop loss of the entry on Weekly, it's placed right above the previous week's high. This is because if price were to reverse and tap that level, the probability of it going down would reduces significantly.
Hold nothing sacred in search of truth
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.
Hold nothing sacred in search of truth
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.