Price has broken a trend line that's been tested numerous times & it's done exactly what I was looking for & retested the old support which is now possibly a new resistance level.
I'm looking for a nice momentum candle down to give me a perfect entry for what call a step 3 trade - ie, retest.
Indicators also showing overbought which is another little something to strengthen this move. I also have current price between the .50 & .618 Fib levels, perfect.
If it breaks the trend upwards then void this idea.
Patience is key. Good luck :)
I'm looking for a nice momentum candle down to give me a perfect entry for what call a step 3 trade - ie, retest.
Indicators also showing overbought which is another little something to strengthen this move. I also have current price between the .50 & .618 Fib levels, perfect.
If it breaks the trend upwards then void this idea.
Patience is key. Good luck :)
Note
The Fib levels didn't hold & price found momentum upwards, so it's plan B.Will now be looking for a reversal sign within the red box. If price can touch the trend line & start to drop off then it will be a good reason for entry. Always enter on a momentum in the direction your going, in this case, short.
No momentum, no trade.
Plan B could take a few hours or even start to revere before the box. Time will tell.
Note
Price got into the reversal box & showed signs of reversing straight away. Got in with a momentum candle on the 1hr chart.
Price has made a slight retrace from the momentum candle which was expected but all it was doing was taking a run up for the spring down - hopefully ha ha
Couple of areas I will be looking for price to reach on the pic below :)
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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.