Bear 123 - 1HR TF - Short-term correction?
What we have here is a SHORT position on NZDJPY (1HR Timeframe)
My Bias:
In the context of the Higher Timeframe:
i'm expecting the ride the wave down to the WEEKLY TL, to retest then i'll re-evaluate my position and look for potential LONGS
#BearringtonTrader
My Bias:
- 1HR Setup was preceded with a Reg Bear Divergence
- PA showed a rejection of the 88.6 level, confluenced with a supply zone at 75.975
- Missed WEEKLY and MONTHLY pivots at 75.03 and 74.0897
In the context of the Higher Timeframe:
- WEEKLY PA had been making new lows, however we have a Bullish CTL close
- DAILY also formed a 123 with P3 rejecting the 200MA and 78.6 fib level/88.6 fib fans
i'm expecting the ride the wave down to the WEEKLY TL, to retest then i'll re-evaluate my position and look for potential LONGS
#BearringtonTrader
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