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Quickshort

Short-term Trade Opportunity Approaching - AUDJPYQuick short idea I saw on the charts today: HTF Recap (from former post - linked below): We are currently at an impasse on the weekly chart as we could not create a higher high after a strong bullish trend. We recently mitigated the HTF supply zone and held at former strong support however we are now struggling to break our former high. I believe that if we have any chance of a higher high, we will require a demand zone mitigation below after the strong bullish breakout we had. So this trade seems like a win-win – Either we grab liquidity below, take profit at demand and reanalyze for a potential bullflag push upward toward new highs – or we grab liquidity and continue to drop leaving our second take profit to gain and stop loss at breakeven LTF Trade Opportunity: We are sitting at a good spot to look out for short trades toward the demand zone. Confluence: 1. 15 min – Symmetrical triangle and breakout potential. Resistance at fib 61.8% and 70.7% 2. Daily Chart - Top of descending channel (of potential bullflag for future long play) 3. Weekly resistance above and failure to create HH + Supply zone mitigation I’m looking to enter on a retest of certain resistance levels (such as the strong fib levels above) and a subsequent CHoCH and supply zone mitigation. If we don’t test upper resistance and drop straight from this top of channel, we will look for a retest of the bottom of the triangle/breakout and signals to enter from there.
Short
by ReigningTrades
2