Price appears to have hit a level of resistance after the 4hr break of structure. Patiently waiting on 1 of 2 setups to take place before going long. Setup 1 is a fib retracement to my golden zone before a continuation to the upside. Setup 2 is a deeper retracement for the liquidity grab at the equal lows before the continuation to the upside. Take profit for both...
Looking to short GU down 1.16 for nice swing trade. This is a retest on the break of my 4 hour support zone and my outer trendline as well as the C retracement to the .618 level of the fibonacci. Sell limit set at 1.2250 with stops above the highs at 1.24. TP1 is the hourly support zone at 1.19 for a 2:1 RR and TP 2 is 1.16 for a 4:1 RR. Price has already broken...
Price broke out of the falling wedge and retraced back into my demand zone. I entered a short position on the lower timeframe as the current overall trend is still bearish and I'm predicting a new LL to be made before reversing and starting the bullish trend in the direction of the last LH on the higher timeframe.
Not into harmonics by any means but could not help but to notice what appears to be a bearish bat pattern at 4hr resistance/supply as well as a double top. Looking to short USDJPY soon. With only 3yrs experience I'm always eager to learn and gain as much knowledge as possible in hopes to become a better trader overtime. Any comments or input would be greatly appreciated.
