looking at the monthly and weekly charts it`s clear this pair is showing strong sognals of strenght to the down side, adding a double top in the weekly chart and the last monthly close.
i would be either expecting a range in the current area for this week or a candlestick formation that can provide a confirmation to go short.
also there is an interesting fibb confluence in the 61.8 area.
so i wont rush and wait to see a good reaction with the daily patterns or maybe in the 4-2 hours. for me the most accurate way to find an entry would be watching a structural change in the 2 or 4 h timeframe since the structure there is still bullish
i would be either expecting a range in the current area for this week or a candlestick formation that can provide a confirmation to go short.
also there is an interesting fibb confluence in the 61.8 area.
so i wont rush and wait to see a good reaction with the daily patterns or maybe in the 4-2 hours. for me the most accurate way to find an entry would be watching a structural change in the 2 or 4 h timeframe since the structure there is still bullish
Trade closed: stop reached
this trade from my view was pretty solid it had good confirmations. however it didnt shio a significant structure change and also surpassed a previous area of Lh (daily ) which was significant cause it seems to be using it as floor . so ill keep track on this pair
Note
as i said i should've wait for a structural change just something to keep in mind for next trades. since the confirmations and what was giving me the impression of it being a soild trade was the area where it was and the cnfluence with the weekly fibb
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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.