US30 SHORTOANDA:US30USD
US3O retested at 50% Fibonacci PRZ and had tested twice at that area and formed a bearish engulfing candle on the 4H and 1H timeframe. This confluence creates a confirmation for the continuation of the bearish trend.
Bearishenfulfing
GBPNZD is in sell opportunityHello guys,
Based on the chart, price rejected from a major resistance area for twice! So as the main trend is downward, It can be a good choice to sell at this area to the specified targets which are shown on the chart.
Note: This post will be update base on market reaction.
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Do the bears have honey? Price action says soThis is the setup that I have been waiting for (for a while now). The confluence of factors on this setup makes it a high quality trading setup in my opinion and here is what I'm watching:
1. Bearish pin bar
2. Moving average pinned
3. Previous support pinned as resistance
4. 50% fibonacci retracement level tested
My view is that price is likely to fall from this point, taking into consideration the capped trend line where lower highs are clear showing a bearish market structure. The obvious levels that could be reached would be the two previous swing lows at 1.30500 and 1.30200 respectively.
When I look on the weekly time frame it appears that there may be much more down side should the marked support fail, so I am inclined to use a dynamic stop and extend the target indefinitely should the market play out in my favor.
Don't invest what you can't afford to lose. This is not investment advice. Subjective view/report of a financial product only.
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