Price has recently broken out of the (D) descending channel. It then pushed up to meet the (D) 50% Fib retracement level and proceeded to the downside to retest support. The price has now broken out of the (4H) downtrend line. I anticipate the price will retest and reject this level of support, and temporarily continue to the upside.
**Rationale:**
L1:
~ Break of channel (D)
L2:
~ Retest of support (D)
~ Impulse wave completion
L3:
~ Break of trendline (4H)
~ Retest of support
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
** Annotations:**
Categories:
1. Naming: (N1)
2. Labeling: (L1)
3. Forecasting: (F1)
Sub-categories:
1. Naming: (N1.1)
2. Labeling: (L1.1)
3. Forecasting: (F1.1)
---
#scalping
#intraday
**Rationale:**
L1:
~ Break of channel (D)
L2:
~ Retest of support (D)
~ Impulse wave completion
L3:
~ Break of trendline (4H)
~ Retest of support
**Disclaimer:**
My trading ideas are market predictions and therefore should be viewed as such. As an intraday trader (scalper), I use my observations to identify potential trade opportunities on the higher time frames. I then aim to pinpoint key entry points on the lower time frames. Entries should always be verified by additional confirmations.
** Annotations:**
Categories:
1. Naming: (N1)
2. Labeling: (L1)
3. Forecasting: (F1)
Sub-categories:
1. Naming: (N1.1)
2. Labeling: (L1.1)
3. Forecasting: (F1.1)
---
#scalping
#intraday
Note
Fulfilled:Almost picture perfect outlook.
I'm personally going to close this one out now.
If you managed to secure a good entry, you should be walking away with approximately 70 pips.
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.
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.