Hi guys, this is my first analysis for publishing my idea to other traders.
The weekly candle was Bullish, even though I went for Short
The daily candle was Bearish as for Friday, other days were Bullish
I analyzed using Top-Down from H4 to H1, and Entry TF is M15.
H4: I find Trend using Triple EMA (9, 20, 50). Price was above 50 EMA, but the price also held at support @ 9EMA. RSI was overbought (68,80), another confirmation that looks for SHORT, Stochastic was Bearish as well. I use ADX just to check whether has a Trend or Ranging, ADX was 50, which means Uptrend was going.
H1: ADX was 25.677, still Uptrending, Price was going slowly under the 50EMA in that meantime 9EMA was crossed over 20EMA another Bearish confirmation
I found the Head & Shoulders Pattern, I waited to break the neckline. RSI was 47.75, Stochastic was Bearish Crossover as well, MACD was Bearish, the histogram was Big Red.
M15: for Entry and Exit, I use Pivot Points. Entry was @ Pivot Points & TP was @ Pivot Points S1
Let's discuss my fails and we could learn from it. Cheers!
The weekly candle was Bullish, even though I went for Short
The daily candle was Bearish as for Friday, other days were Bullish
I analyzed using Top-Down from H4 to H1, and Entry TF is M15.
H4: I find Trend using Triple EMA (9, 20, 50). Price was above 50 EMA, but the price also held at support @ 9EMA. RSI was overbought (68,80), another confirmation that looks for SHORT, Stochastic was Bearish as well. I use ADX just to check whether has a Trend or Ranging, ADX was 50, which means Uptrend was going.
H1: ADX was 25.677, still Uptrending, Price was going slowly under the 50EMA in that meantime 9EMA was crossed over 20EMA another Bearish confirmation
I found the Head & Shoulders Pattern, I waited to break the neckline. RSI was 47.75, Stochastic was Bearish Crossover as well, MACD was Bearish, the histogram was Big Red.
M15: for Entry and Exit, I use Pivot Points. Entry was @ Pivot Points & TP was @ Pivot Points S1
Let's discuss my fails and we could learn from it. Cheers!
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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.
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.