This was a setup that could have been an add in to a (4H) setup. Nonetheless, we see that the market broke structure, created its first HH and HL. It then made a new HH. With the Fibonacci retracement tool, we measure the previous Hl to the HH on the Uptrend to measure where price could find support on its new H.L. (Higher Low) Confluence on the 38.2 level on the Fibonacci with the exhaustion area created by the previous high. Entry was based on the (M5) providing more details in order to show buyers in the market. Entry is taken by a break of resistance and a retest with a bullish engulfing or variation with the EMA's crossed. 2 Pips drawdown at the entry shown on chart with green quote. Arrows show how the market created the uptrend structure on the chart.
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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.